The EU discovers that it needs affordable energy
Remember when the spin from environmentalists and the Obama administration was that renewable “green”-energy mandates and subsidies would help the economy create millions of “green jobs”? President Obama still trumpets, as he did in his first term, that “the country that harnesses the power of clean, renewable energy will lead the 21st century.” In 2009 he announced in his State of the Union address a plan to “double this nation’s supply of renewable energy in the next three years.”
Maybe he should be lecturing the Europeans. Not long ago nearly all the nations of Europe bought into this same dream of a green-energy free lunch as they legislated tens of billions of dollars in subsidies for solar and wind power while directly and indirectly taxing and capping carbon-based energy. These policies were set in motion about a decade ago to meet strict and self-imposed targets, begun with the Kyoto treaty, for reducing greenhouse-gas emissions. By 2030, the EU promised, its carbon emissions would be 30 to 40 percent below 1990 levels, adding that it would reduce them even further if other nations followed in its green footsteps.