Bummer: Renewable Energy Investment Plunges

Actually, this is kind of a bummer: we do need to use more alternative energy sources. Most conservatives would agree. What we don’t agree with is how they have been pushed by liberal governments

(Bloomberg) Global investment in clean energy dropped to its lowest since the depths of the financial crisis three years ago as the U.S. and European nations cut support for wind and solar projects, Bloomberg New Energy Finance said.

Spending on new wind farms, solar parks and other renewable projects fell to $27 billion in the first quarter, a 28 percent slump from the last three months of 2011 and a 22 percent drop from the same quarter a year earlier, New Energy Finance said today in a statement. That’s the lowest quarterly total since the $20 billion recorded in the first three months of 2009.

The quarterly decline follows a record year in which an estimated $263 billion was poured into renewable energy, according to the London-based research company. The clean-energy industry has been hurt by subsidy cuts in European nations including Spain, Germany and the U.K., and expiring tax credits in the U.S., the biggest market in 2011 for renewables.

“The weak first-quarter number reflects the destabilizing uncertainty over future clean-energy support in both the European Union, driven by the financial crisis, and the U.S., driven by the expiry of stimulus programs,” New Energy Finance Chief Executive Officer Michael Liebreich said in the statement. “There is no sign of a rapid turnaround in either of these regions.”

Part of the problem is that the money was simply poured into renewable energy projects, with little in the way of a return ever appearing. In fact, most of these projects lost money, which cost taxpayers and raised their energy prices. Renewable energy companies, along with politicians, made promises that could never be kept. And much of the money was simply poured into the bank accounts of campaign donors. The companies went out of business. Their solar panels didn’t work. They were extremely expensive. Wind farms provided no power when it was cold and/or too windy, and many caught on fire or simply collapsed. People complained about the noise wind turbines made.

And the upshot of the idiotic way Government “invested” in alternative energy is that people have been turned off from what should be a smart decision to move towards these other energy sources. As usual, the Left over-reached, and damaged their cause.

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One Response to “Bummer: Renewable Energy Investment Plunges”

  1. Trish says:

    Anything that is so artifically propped up, so over zealously defended and so falsely framed is bound to fail! When a government and its lap dog media are invested so heavily in the success of such a proposition, there is going to be corruption. When products are allowed to make their way in a free market, with perhaps govt funding for R&D alone, then companies and individuals will invest, and when delivery of and costs look like they will become affordable, the various- the good clean energy sources will become viable.
    Big Oil has long been spending money on renewables; even they see the importance of it for the future. But when Obama taxes the crap out of them to show us who’s boss, we can kiss their efforts good bye! And set back the clean energy industry again for a while!