Can California learn from Europe’s Green Follies? I have my doubts, our political leaders have put the environment ahead of the economy and there is too much environmental slush money on the table!
The American Interest has the details:
Europe’s dogged pursuit of a solar- and wind-powered future has jacked up energy prices for households and industry alike. For families, it has meant higher monthly power bills—a tax felt most keenly by the poor. For businesses, it has even farther-reaching implications. As the EUobserver reports, more than a hundred leaders of European industry are warning that these rising costs are threatening the EU’s economic recovery. . . .
This isn’t just a matter of lower-than-expected GDP growth for EU member states. Europe has staked out a position as a global leader in green initiatives, so for many of these CEOs the recent rise in electricity prices is only the beginning. Overall, the costs of doing business in Europe are edging toward the unworkable. For multinationals, healthier energy and regulatory environments are beckoning. In particular, the shale boom has made the United States an especially attractive home for energy-intensive industry.
Europe is beginning to feel the pains of its policy of placing the environment before the economy. This is a shame, because the two aren’t necessarily mutually exclusive. America is an excellent example of a healthier balance: by embracing shale gas, it has been able to wean itself somewhat off of coal, both reducing emissions and bringing prices down. Europe has plenty of shale itself, if it would only embrace it.
While the United State may benefit from the EU’s rising costs, California will not be on the roster with our growing energy cost. The paralleles between Europe and California are strong. We have huge shale reserves, but environmentalist are preventing the effective implementation this resource, just like in Europe. Our energy costs are raising rapidly, just like in Europe. Companies are threatening to leave the state and some have stopped talking and are just taking action.