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In the United States, venture capitalists lost half of the $25 billion they pumped into startups of wind and solar between 2006 and 2011

Major Cutbacks in Solar Industry in Germany and Elsewhere



Major Cutbacks in Solar Industry in Germany and ElsewhereGermany is the poster child for the global warming movement. However, after the government decided to reduce subsidies to the solar industry in 2012, the industry nose-dived. By this year, virtually every major German solar producer had gone under as new capacity declined by 90 percent and new investment by 92 percent. Some 80,000 workers, 70 percent of the solar workforce, lost their jobs. Solar power's marker share is shrinking and solar panels, having outlived their usefulness, are being retired without being replaced reports Lawrence Solomon. 1
Those who hoped that Germany's renewed coalition government would provide the renewable industries with a reprieve were disappointed in early April when Germany's new economic minister indicated that there would be no turning back. All told, the cost to the German economy of its much-vaunted energy transition to renewables is estimated to reach 2 to 3 trillion euros by 2050. 1 Australia experienced solar problems in July 2014. Joanne Nova notes, “We're told 'clean' energy is viable and cost effective. But cut the government subsidies and 97 percent of investors vanish. In Australia it's collapsed from $2.6 billion annually to $80 million. The truth is that renewables are almost totally dependent on taxpayer largess.” 2 Spain is retrospectively capping its renewable subsidies, lapping 40% off the earnings of its largest solar operator. There were public protests about electricity prices in Bulgaria that were so bad, the government is demanding some subsidies get paid back. In the United States, venture capitalists lost half of the $25 billion they pumped into startups of wind and solar between 2006 and 2011. They are no longer supporting wind and solar because they will not work as advertised. Almost all investment is now being made by federal and state governments by making outrageously false promises to taxpayers. 3 References
  1. Lawrence Solomon, “Are solar and wind finally cheaper than fossil fuels? Not a chance.”, Financial Post, April 27, 2018
  2. Joanne Nova, “97 percent of Australian renewables investment dries up without subsidies, so the ABC (Australian Broadcasting Corporation) gives free adverts to the industry,” joannenova.com, July 22, 2014
  3. Michael S. Coffman, “Power down,” Range Magazine, Spring 2017

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Jack Dini -- Bio and Archives

Jack Dini is author of Challenging Environmental Mythology.  He has also written for American Council on Science and Health, Environment & Climate News, and Hawaii Reporter.


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