Germany — big and middle size companies leaving renewables paradise
By Jo Nova
Germany is a lesson for the rest of the world
Few countries have placed a bigger bet on “renewables” than Germany, which installed some 28,443 wind turbines, and at its peak in 2016, employed 160,000 people just in the wind industry. But the effect on the rest of the economy is devastating.
The Energiewende Green program was estimated to have cost €520 billion plus and after 20 years of subsidies and effort, reduced fossil fuel use from 84% of primary energy “all the way” down to 78%. And those presumably were the easy wins.
The cost of expensive electricity vandalizes the rest of the economy. The Green policy gamble may change Germany forever. The former economic powerhouse of Europe is coming undone — losing iconic parts to the US and Asia.
BASF — the German historic giant founded in 1865, is the largest chemical producer in the world. In 1913 it bought the new Haber Bosch process that creates ammonia for fertilizer, and thus changed the world — making billions of lives possible. But now, BASF is shifting out of Germany — spending $10 billion on a new plant in China.
https://joannenova.com.au/2023/07/germany-big-and-middle-size-companies-leaving-renewables-paradise/
