The past week has been marked by worrying developments for the state of the green energy industry, suggesting that President Joe Biden’s sweeping climate agenda could be imperiled.
Offshore wind companies are cancelling projects and executives are sounding the alarm on the state of the industry, while solar companies and indexes have seen their value continue a months-long slide that has resulted in diminished earnings forecasts and a solar-oriented loan provider’s bankruptcy. These developments suggest that Biden’s sweeping green energy plans could be in trouble, especially given the intractable nature of some of the crucial economic problems plaguing the industries.
“Boosters for this energy transition bet the farm on three rent-seeking industries: wind, solar and electric vehicles. Two legs of that three-legged stool are now showing signs of financial distress despite massive subsidies they’ve already received from multiple levels of government,” David Blackmon, a 40-year veteran of the oil and gas industry who now writes and consults extensively on energy, told the Daily Caller News Foundation. “American consumers, who are paying the price for this in the form of skyrocketing costs of all forms of energy, should demand their representatives hang up the phone when the calls come in from wind and automaker executives asking for even more.”
— Daily Caller (@DailyCaller) September 26, 2023