There’s No Substitute for Policy
If the costs of developing and generating solar and wind electricity have fallen significantly over recent years — it is now reported that they are often lower than those for hydrocarbon-based power — why are so many fossil fuel-based plants (coal, natural gas) still being built?
It’s true that investments in wind and solar are growing quickly, which is great.
But at the same time, new fossil fuel-based plants are being built at a rapid and increasing pace, especially in parts of the world where electricity demand is growing most quickly. Fossil fuel-powered generation provided about 64% of global electricity in 1975, and still some 61% in 2022.
The question is why?
It’s a question that deserves more attention and one that Brett Christophers addresses in his ambitious new book, The Price is Wrong: Why Capitalism Won’t Save the Planet.