Population is Not Being Told the True Cost of Net Zero, Warns Former World Bank Economist
BY CHRIS MORRISON 6 MARCH 2024 7:00 AM
Bankrupt, blackout Britain where the ever-expanding ranks of the poor get clobbered, open borders place intolerable burdens on public spending and services, the rich spivs get richer backing heavily-subsidised energy white elephants – and those of a certain age look back to the good old days of the 1970s. That isn’t quite how Professor Gordon Hughes spells it out in his excellent new report that crunches the energy transition numbers of the collectivist Net Zero project, but it might be considered a fair summation of reading between the lines.
The insanity of Net Zero becomes clearer by the day. The idea that hydrocarbons – a natural resource whose use from medicines to reliable energy is ubiquitous in modern industrial society – can be removed within less than 30 years is ridiculous. In his report published by the Global Warming Policy Foundation, Professor Hughes concerns himself with the transition from hydrocarbons to ‘green’ technologies such as wind and solar. Forget all the politically-inspired low-ball figures of transition, he is suggesting. Looking at you, Climate Change Committee. It is likely that the amount of new investment needed for the transition will be a minimum of 5% of gross domestic product for the next 20 years, and might exceed 7.5%. Gordon Hughes is a former World Bank economist, and is Professor of Economics at the University of Edinburgh.
There is no chance of borrowing such an “astronomical” amount, notes Hughes, and the only viable way to raise the cash for new capital expenditure would be a two decades-long reduction in private consumption of up to 10%. “Such a shock has never occurred in the last century outside war, and even then never for more than a decade,” he notes.
https://dailysceptic.org/2024/03/06/population-is-not-being-told-the-true-cost-of-net-zero-warns-former-world-bank-economist/
