In the 2010s, the World Bank ended its financial support for developing economies’ fossil fuel projects such as coal-fired power stations.
That decision was the result of pressure from green campaigns, which continue to lobby public institutions such as universities to divest from fossil fuels.
Green political campaigns have also targeted financial institutions, warning them that their investments could become ‘stranded’ by climate policies.
The UK government has followed this political agenda and diverted international development and aid funds towards green energy projects.
But the consequences of these campaigns and decisions are not felt in the places where they are made.
They are felt thousands of miles away, where the need for energy and development is urgent.
The result of switching emphasis away from the cheapest, most abundant and most reliable forms of energy has been a vast opportunity cost.
Western demands for sustainability put limits on economic growth in the developing world, that would not be tolerated anywhere else.
African countries’ economic and industrial development has been inhibited by the ‘sustainability’ agenda that has been imposed on them.
via The Global Warming Policy Forum (GWPF)
June 30, 2020 at 04:51AM