- Major energy companies are acknowledging the challenges faced by wind and solar power in terms of reliability and economic sustainability.
- Europe's energy crisis, exacerbated by an overreliance on renewables, has exposed the vulnerabilities of green energy, leading to soaring energy costs and grid instability.
- European energy giants are scaling back investments in wind and solar projects, with Shell largely halting new offshore wind investments and BP spinning off its offshore wind projects.
- President-elect Donald Trump's administration is expected to prioritize energy independence and traditional fossil fuels.
- Part of this plan includes rolling back green energy policies and ending subsidies for renewable energy technologies.
The green energy revolution, once hailed as a savior for the planet, is showing signs of strain.
Major energy companies, including Shell, British Petroleum (BP) and Norway's Equinor, are now acknowledging what critics of renewable energy have long argued: Wind and solar power face significant challenges in reliability and economic sustainability.
This shift comes as Europe's energy crisis, exacerbated by an overreliance on renewables, forces a reckoning with reality. With President-elect Donald Trump poised to take office, the retreat from green energy is expected to accelerate, as his administration prioritizes energy independence and traditional fossil fuels over what he has called "insane wind subsidies."
Europe's energy struggles have been well-documented, with the continent's aggressive push for wind and solar power, mainly driven by "climate change" concerns leading to soaring energy costs and grid instability. Now, even staunch proponents of green energy are conceding that the vision may be faltering.
Reuters reported that European energy giants are slowing the rollout of green energy programs, with Shell, BP and Equinor scaling back investments in wind and solar projects. Shell, once a vocal advocate for renewable energy, has largely halted new offshore wind investments and exited power markets in Europe and China. BP, which had ambitious plans to expand renewable energy, has spun off its offshore wind projects into a joint venture, effectively distancing itself from the sector. (Related: Big Oil returns to core strengths, retreats from green energy investments as climate agenda loses steam.)
The reasons for this retreat are clear. Renewable energy sources like wind and solar are inherently intermittent, relying on weather conditions and requiring massive infrastructure investments. The geopolitical disruptions caused by Russia's invasion of Ukraine further exposed the vulnerabilities of Europe's energy strategy, as governments delayed clean energy targets and prioritized energy security.
Meanwhile, U.S. oil giants like Exxon and Chevron, which remained focused on oil and gas, outperformed their European counterparts in the stock market. This stark contrast has forced European energy companies to rethink their strategies, shifting spending back to higher-margin oil and gas projects.
Trump's pro-fossil fuel agenda a turning point for global energy policy
The timing of this shift is significant. As Trump prepares to take office, the global energy landscape is poised for a dramatic transformation. The real estate mogul has long been a critic of renewable energy, dismissing wind and solar as unreliable and vowing to end subsidies for these technologies. His administration is expected to roll back the outgoing Biden administration's green energy policies, which spurred investments in renewables across the United States. Trump's focus on energy independence and domestic oil and gas production aligns with the priorities of the fossil fuel industry, which has thrown its support behind his campaign.
Trump's victory has already sparked optimism in the fossil fuel and mining industries. His promises to boost domestic energy production, open new lands for drilling and repeal environmental regulations have been met with enthusiasm. The oil and gas industry, which donated over $14 million to his campaign, is hopeful that his administration will deliver on its promises. Key priorities include lifting the Environmental Protection Agency's tailpipe mandates, which require automakers to produce more hybrid and electric vehicles, and freezing new carbon pollution standards for coal plants.
The incoming administration is also expected to prioritize energy permitting reform, a long-stalled effort to streamline the approval process for energy and infrastructure projects. This reform has faced repeated delays in Congress. With Republicans gaining control of the Senate, the path to passing permitting reform is expected to be smoother, further bolstering domestic energy production.
As the world watches the United States pivot away from renewable energy under Trump's leadership, the implications for global energy markets are profound. Europe’s retreat from green energy, coupled with Trump's "drill, baby, drill" agenda , signals a broader shift in the global energy landscape. The era of climate alarmism and unchecked investment in unreliable renewables may be coming to an end, replaced by a renewed focus on energy security, affordability and independence.
Watch this video that explains why renewable energy is the scam the whole world fell for.
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History proves wind and solar energy aren't viable for powering the future.
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