GREEN NEW DEAL = BLIZZARD OF LIES

[Ecocharger + 1,463]

2 hours ago, Jay McKinsey said:

Yes it is. It is filling in for all of the cuts and the end result is zero global growth. If global demand were actually growing then they would not be cutting. Hence it is a peak.

Jay, demand for everything goes into peaks and valleys depending on the business cycle...relax and have a soft drink.

[Ecocharger + 1,463]

2 hours ago, Ron Wagner said:

https://dailycaller.com/2023/12/12/biden-electric-vehicle-stock/?utm_medium=push&utm_source=daily_caller&utm_campaign=push

NICK POPECONTRIBUTOR

December 12, 20231:47 PM ET

FONT SIZE:

The Biden administration held up the electric vehicle (EV) charging company ChargePoint to support the president’s climate agenda on several occasions. Now, the company is facing considerable economic and legal headwinds.

In February, the White House highlighted ChargePoint’s deals with other companies as proof that the administration’s “actions on EVs have spurred network operators to accelerate the buildout of coast-to-coast EV charging networks.” However, in the nearly ten months since, the company’s stock price has lost significant value, ChargePoint CEO Pasquale Romano has stepped down from his post and the company now faces a class action lawsuit.

The White House promoted ChargePoint’s partnership with Mercedes-Benz and MN8 Energy “to deploy over 400 charging hubs with more than 2,500 publicly accessible (direct current) fast charging ports across the U.S. and Canada,” as well as the company’s partnership with Volvo and Starbucks “to deploy 60 (direct current) fast chargers at up to 15 locations along the 1,350-mile pilot route between Seattle and Denver to be completed by summer 2023.” Additionally, the White House touted ChargePoint’s agreement with SMTC Corporation to expand charger manufacturing capacity in California. (RELATED: Biden’s EV Push Undermined By Scarce And Faulty Charging Stations)

 

The White House also commended ChargePoint for “[investing] in equitable workforce development and [training] a diverse pipeline of  skilled workers to build our nation’s infrastructure” in a November 2022 press release focusing on examples of “major progress” made by President Joe Biden’s climate agenda. The administration also mentioned the company in several other press releases recapping positive developments in the EV charging industry, including the one from February.

 

 

ChargePoint operates the largest public network of EV charging stations in the U.S. as of August, according to Edmunds.

In August 2022, several months before the White House issued the February press release, Biden appointed Romano to the National Infrastructure Advisory Council, a group of private sector and state or local government officials tasked with advising Biden on how to best reduce risks to the nation’s critical infrastructure. Despite the appointment, Romano stepped down as CEO on Nov. 16, as did CFO Rex Jackson, according to Bloomberg News. Between the day before the announcement that Romano was leaving and the day after, the company’s stock lost nearly 40% of its value, according to data from Google Finance.

The company’s stock price peaked at $46.10 per share on Dec. 24, 2020, and it stood at $13.38 per share on Feb. 15, 2023, the most recent that the White House mentioned the company in writing. As of Tuesday, it is trading at around $2.24 per share, according to data from Google Finance. The share price is down by nearly 75% year-to-date.

The company’s third quarter financial filings also show the company’s revenue was 12% lower than it was in last year’s third quarter. ChargePoint posted a net loss of $158.2 million for the quarter, up from the $84.5 million the company lost during last year’s third quarter.

There is also a class action lawsuit against the firm, which alleges that the company and some of its top executives violated the Securities Exchange Act of 1934. Specifically, the suit, which covers the time between June 1 and Nov. 16, alleges that the company’s share price became artificially inflated because of false and misleading statements made by company executives. The lawsuit alleges that the company was experiencing elevated component costs and supply overruns, factors that were likely to decrease the company’s profitability by forcing costly impairments.

The company’s supply chain issues ultimately forced it to announce a $42 million impairment, or reduction, to the value of its inventory in November, according to its third quarter filings.

“Based on recent investor interactions and multiple negative datapoints across the EV value chain, sentiment in the EV charging space has been muted and we are not surprised that ChargePoint F3Q (third-quarter) revenues would track below expectations,” JPMorgan analysts, led by Bill Peterson, wrote in a November investor note, according to Reuters. “However, the magnitude of the miss and the deceleration late in the quarter doesn’t bode well for near-term fundamentals for ChargePoint or the broader EV value chain in general, and EV charging specifically.”

ChargePoint’s story shares some characteristics with that of Li-Cycle, a battery recycling company with which the administration reached a conditional commitment for a $375 million loan package in February. Li-Cycle had cleared the Department of Energy’s (DOE) due diligence process while it was accused of defrauding its investors, and the company’s stock price has since tanked.

Charging infrastructure remains a key obstacle to the Biden administration’s wider EV agenda, which aims to have 50% of all new car sales be EVs by 2030. Most charging stations are densely concentrated in more densely-populated, coastal regions of the U.S., according to the DOE.

The Biden administration has set billions of dollars aside to help the EV industry build out a nationwide charging network. The administration has committed billions to subsidize EV manufacturing infrastructure, and also to provide consumer tax credits to increase the appeal of the pricier vehicles.

However, auto manufacturers are mostly losing considerable amounts of money on their EV product lines, consumer demand is not reaching projected levels and auto executives are backing off some of their short-term production targets.

The White House, ChargePoint and the DOE all did not respond immediately to requests for comment.

This highlights the EV fiasco which the current administration has led the nation into, a veritable Black Hole of deceit and waste.

Trillions of  dollars just thrown into the abyss with nothing to show for it.

A misbegotten nightmare of misconstrued science, political chicanery and vote buying on a massive scale.

Taxpayers are being bilked of trillions of dollars, misspent on a worthless and unnecessary crusade against thin air, which has been exposed as a pointless policy.

We get the government we deserve if the same intellectually challenged leadership group is returned to office next time.

Edited December 12, 2023 by Ecocharger

[Jay McKinsey + 1,490]

12 minutes ago, Ecocharger said:

Jay, demand for everything goes into peaks and valleys depending on the business cycle...relax and have a soft drink.

Excuses, excuses, it is called a peak. All downhill from here.

Edited December 12, 2023 by Jay McKinsey

[Ecocharger + 1,463]

8 minutes ago, Jay McKinsey said:

Excuses, excuses, it is called a peak. All downhill from here.

Not with a 93% share of new vehicle sales, that is a recipe for increased demand going forward.

[Jay McKinsey + 1,490]

2 minutes ago, Ecocharger said:

Not with a 93% share of new vehicle sales, that is a recipe for increased demand going forward.

Haha another uncited claim by you.

Canalys estimates EVs will make up 18% of the total market in 2023, with global sales surpassing 14 million units, a 39% increase from 2022. 

Edited December 12, 2023 by Jay McKinsey

[Ecocharger + 1,463]

3 minutes ago, Jay McKinsey said:

Haha another uncited claim by you.

Haha, borrow my handkerchief, Jay. And this is just passenger vehicles. It gets worse for EVs in the trucks.

https://statzon.com/insights/us-ev-market#:~:text=Closing the mid-year of,vehicle sales in the US.

"Closing the mid-year of 2023, BEVs constituted 7.2% of total passenger vehicle sales in the US"

 

Edited December 12, 2023 by Ecocharger

[Jay McKinsey + 1,490]

Just now, Ecocharger said:

Haha, borrow my handkerchief, Jay.

https://statzon.com/insights/us-ev-market#:~:text=Closing the mid-year of,vehicle sales in the US.

"Closing the mid-year of 2023, BEVs constituted 7.2% of total passenger vehicle sales in the US"

Sorry but the metric is world sales, not just US.

 

[Ecocharger + 1,463]

5 minutes ago, Jay McKinsey said:

Sorry but the metric is world sales, not just US.

 

Oh, is the world up for election this coming year? American policy is being judged now. And American demand for gasoline.

And that includes trucks, Jay. Adding light-duty trucks we get,

https://www.jdpower.com/cars/shopping-guides/what-percent-of-us-car-sales-are-electric

"Electric vehicles account for less than 1% of the 250 million vehicles, SUVs, and light-duty trucks sold in the United States. "

Would you like some more statistics, Jay?

 

Edited December 13, 2023 by Ecocharger

[Jay McKinsey + 1,490]

Just now, Ecocharger said:

Oh, is the world up for election this coming year? American policy is being judged now. And American demand for gasoline.

And that includes trucks, Jay. Putting it all together we get,

https://www.jdpower.com/cars/shopping-guides/what-percent-of-us-car-sales-are-electric

"Electric vehicles account for less than 1% of the 250 million vehicles, SUVs, and light-duty trucks sold in the United States. "

 

From your article you economic imbecil: Only around 1% of all vehicles (2 500,000) in the United States were electric in 2019.

[Ecocharger + 1,463]

3 minutes ago, Jay McKinsey said:

From your article you economic imbecil: Only around 1% of all vehicles (2 500,000) in the United States were electric in 2019.

This is from a 2023 report.

Have you got an update? No? I guess the numbers are not good, Jay.

And include heavy-duty vehicles, I guess that maybe 1% is a generous number for EVs.

Edited December 13, 2023 by Ecocharger

[Jay McKinsey + 1,490]

1 minute ago, Ecocharger said:

This is from a 2023 report.

Have you got an update? No? I guess the numbers are not good, Jay.

And include heavy-duty vehicles, I guess that maybe 1% is a generous number for EVs.

My god man you just claimed 4 year old info as relevant and then ask if I have an update? You just love to tell us all what an idiot you are. I post official updates all the time.  Heavy duty vehicles are a minority of the market. As posted many times here is the official number:

Plug-In Vehicle Sales

A total of 112,483 plug-in vehicles (91,537 BEVs and 20,946 PHEVs) were sold during October 2023 in the United States, up 25.9% from the sales in October 2022. PEVs captured 9.37% of total LDV sales this month.https://www.anl.gov/esia/light-duty-electric-drive-vehicles-monthly-sales-updates

and from Cox:

Electric vehicle sales accounted for 7.9% of total industry sales in Q3, a record and up from 6.1% a year ago and 7.2% in Q2. https://www.coxautoinc.com/market-insights/q3-2023-ev-sales/

 

[Ecocharger + 1,463]

16 minutes ago, Jay McKinsey said:

My god man you just claimed 4 year old info as relevant and then ask if I have an update? You just love to tell us all what an idiot you are. I post official updates all the time.  Heavy duty vehicles are a minority of the market. As posted many times here is the official number:

Plug-In Vehicle Sales

A total of 112,483 plug-in vehicles (91,537 BEVs and 20,946 PHEVs) were sold during October 2023 in the United States, up 25.9% from the sales in October 2022. PEVs captured 9.37% of total LDV sales this month.https://www.anl.gov/esia/light-duty-electric-drive-vehicles-monthly-sales-updates

and from Cox:

Electric vehicle sales accounted for 7.9% of total industry sales in Q3, a record and up from 6.1% a year ago and 7.2% in Q2. https://www.coxautoinc.com/market-insights/q3-2023-ev-sales/

 

Jay, I guess you cannot read. You have excluded medium duty and heavy duty vehicles, segments dominated by fossil fuel vehicles.

Furthermore, I guess you missed your own numbers, which are the same as I posted above, 7.2% in April.

That is showing a 92% share for fossil fuel vehicles, just as I claimed above. That is a dominant share and indicates a huge addition to the fleet of gasoline vehicles by sheer numbers. 

Second hand sales are about two or three times the size of new sales and are totally dominated by fossil fuel sales.

That puts EVs into a tiny miniscule percentage of total vehicle sales, and an even more miniscule percentage of rolling stock.

Fossil fuel vehicles on the road continue to increase by huge amounts.

Oil inventories are down.

"Crude oil inventories in the United States fell this week by 2.349 million barrels for the week ending December 8, according to The American Petroleum Institute (API), after a 594,000-barrel build in crude inventories in the week prior. Analysts had expected inventories to fall by 1.5 million barrels."

https://oilprice.com/Latest-Energy-News/World-News/US-Crude-Oil-Inventories-Drop-But-Gasoline-Stocks-See-Large-Build.html

 

 

Edited December 13, 2023 by Ecocharger

[TailingsPond + 875]

7 hours ago, Ecocharger said:

Not with a 93% share of new vehicle sales, that is a recipe for increased demand going forward.

Historically ICE vehicles had 100% share, the market share reduction is a recipe for decreased demand.

 

[TailingsPond + 875]

15 hours ago, TailingsPond said:

WTI at $69.01 - it is oil nobody wants.  Where is all that demand?

How low will it go Mr "$100 a barrel by new year" economist?

 

down to $68.08

How wrong can eco be?

[notsonice + 1,255]

2 minutes ago, TailingsPond said:

down to $68.08

How wrong can eco be?

Brent is heading to $70 by xmas...

2024 first half Lucky to see Brent holding at $65

lack of demand....over production.......going to hand Sleepy Joe an easy win....

Gasoline is under $2.50 at the pump in my neck of the woods

EVs are not helping oil......

 

Gasoline on election day????? $2.25 to $2.50 at the pump and demand will still suck

Enjoy the Transition

 

Eco is always wrong ....

[Rob Plant + 2,756]

12 hours ago, Eyes Wide Open said:

I might suggest you focus on the world's highest electrical rates along with a beer that compliments your attitude...

Just a thought Mr. Plant...just a passing thought.

 

dont drink that rubbish EWO

You still seem to think in your fantasy world that our electricity is expensive and we cant get a decent beer.

I'm starting to think you need help.

[Rob Plant + 2,756]

9 hours ago, Ecocharger said:

Jay, demand for everything goes into peaks and valleys depending on the business cycle...relax and have a soft drink.

So you admit your projections were about as wrong as you could get then!

Well done Mr.Economist how much money did you lose on those predictions?

[Rob Plant + 2,756]

8 hours ago, Ecocharger said:

Furthermore, I guess you missed your own numbers, which are the same as I posted above, 7.2% in April.

That is showing a 92% share for fossil fuel vehicles, just as I claimed above. That is a dominant share and indicates a huge addition to the fleet of gasoline vehicles by sheer numbers

The world does exist outside of the USA border you know!

[Rob Plant + 2,756]

1 hour ago, TailingsPond said:

How wrong can eco be?

Very!

[Jay McKinsey + 1,490]

US numbers for Nov:

Plug-In Vehicle Sales

A total of 112,421 plug-in vehicles (89,082 BEVs and 23,339 PHEVs) were sold during November 2023 in the United States, up 30.6% from the sales in November 2022. PEVs captured 9.23% of total LDV sales this month.

Cumulatively, 1,262,963 PHEVs and BEVs have been sold in 2023. In total, 4,544,680 PHEVs and BEVs have been sold since 2010.

[Eyes Wide Open + 3,554]

10 hours ago, Rob Plant said:

You still seem to think in your fantasy world that our electricity is expensive and we cant get a decent beer.

I'm starting to think you need help.

First sign of addiction..DENIAL

Revealed: Brits are paying the highest electricity bills in the entire world

https://www.cityam.com/revealed-brits-are-paying-the-highest-electricity-bills-in-the-entire-world/

 

Higher UK energy bills here to stay, warns oil company boss

Equinor chief says bills won’t return to levels seen before Ukraine invasion given windfall taxes and move to greener energy

While in recent weeks wholesale gas prices have returned to pre-Ukraine war levels, Opedal said that with the Russian war prompting a “rewiring’ of the energy system, bills would not return to historic levels of an average of about £1,300 annually.

https://www.theguardian.com/business/2023/jan/16/higher-uk-energy-bills-here-to-stay-warns-oil-company-boss#amp_tf=From %1%24s&aoh=17024913935466&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2023%2Fjan%2F16%2Fhigher-uk-energy-bills-here-to-stay-warns-oil-company-boss

Much more to come on the below statement...much more.

While in recent weeks wholesale gas prices have returned to pre-Ukraine war levels, 

European gas prices fall to pre-Ukraine war level

 

https://www.theguardian.com/environment/2022/dec/29/european-gas-prices-fall-to-pre-ukraine-war-level

 

Edited December 13, 2023 by Eyes Wide Open

[notsonice + 1,255]

4 hours ago, Eyes Wide Open said:

First sign of addiction..DENIAL

Revealed: Brits are paying the highest electricity bills in the entire world

https://www.cityam.com/revealed-brits-are-paying-the-highest-electricity-bills-in-the-entire-world/

 

Higher UK energy bills here to stay, warns oil company boss

Equinor chief says bills won’t return to levels seen before Ukraine invasion given windfall taxes and move to greener energy

While in recent weeks wholesale gas prices have returned to pre-Ukraine war levels, Opedal said that with the Russian war prompting a “rewiring’ of the energy system, bills would not return to historic levels of an average of about £1,300 annually.

https://www.theguardian.com/business/2023/jan/16/higher-uk-energy-bills-here-to-stay-warns-oil-company-boss#amp_tf=From %1%24s&aoh=17024913935466&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2023%2Fjan%2F16%2Fhigher-uk-energy-bills-here-to-stay-warns-oil-company-boss

Much more to come on the below statement...much more.

While in recent weeks wholesale gas prices have returned to pre-Ukraine war levels, 

European gas prices fall to pre-Ukraine war level

 

https://www.theguardian.com/environment/2022/dec/29/european-gas-prices-fall-to-pre-ukraine-war-level

 

UK paid dearly for being to reliant on imported Nat Gas for generating electricity......

how to solve it ????replace it with cheaper wind and solar energy

reality Nat Gas spike in price up ended the UK electricity market

the highlight of the truth.....read it for yourself EWO

"Despite this, the price paid for wholesale electricity on the ‘spot market’, where, according to the Competition and Market’s Authority around two fifths of electricity is thought to be sold (PDF), is largely determined by the price of natural gas.

This Insight discusses the ‘marginal cost pricing’ system, which prices electricity from all sources according to the most expensive source, and its effect on the price of electricity from various sources."

Why is cheap renewable electricity so expensive?

Insight

Published Thursday, 14 September, 2023

• Insight
• Energy

• Iona Stewart

Under the ‘marginal cost pricing system’, the wholesale price of electricity is set by the most expensive method needed to meet demand (usually burning gas).

Electricity is increasingly generated from renewable energy in the UK, and the cost of renewable generation has significantly decreased in the past decade.

Despite this, the price paid for wholesale electricity on the ‘spot market’, where, according to the Competition and Market’s Authority around two fifths of electricity is thought to be sold (PDF), is largely determined by the price of natural gas.

This Insight discusses the ‘marginal cost pricing’ system, which prices electricity from all sources according to the most expensive source, and its effect on the price of electricity from various sources.

How much electricity is produced by renewables?

The proportion of electricity generated from different sources has changed over time. The chart below shows that the proportion generated by renewables has increased from 3% in 2000 to 42% in 2022, whereas the proportion generated by fossil fuels has decreased from 73% in 2000 to 41% in 2022.

Source: Department for Energy Security and Net Zero, Energy Trends: UK electricity, ET 5.1

How is the electricity market structured?

There is a wholesale market for electricity across Great Britain, with separate arrangements for Northern Ireland. Wholesale electricity prices are set by trades between generators and suppliers, which are ultimately passed on to consumers in the retail market as the largest component of their electricity bills (as shown in the image below). Supply must always match demand.

How is wholesale electricity sold?

Trades ahead of time

The final report of the Competition and Markets Authority’s energy market investigation in 2016 found that approximately three fifths of electricity is sold through direct, bilateral trades done ahead of time between generators, suppliers and ‘non-physical traders’ . Electricity may also be sold directly to some consumers through Power Purchase Agreements or through Contracts for Difference arrangements.

The ‘spot market’

The same report found that outside of bilateral trades, approximately two fifths of electricity is sold at ‘day ahead’ and ‘same day’ auctions, closer to the time it’s available to use. This is known as the ‘spot market’. Their share of trades has fallen over time and is thought to be around 30% in 2022 (PDF).

Prices in the spot market are set using a system called ‘marginal cost pricing’, and they can vary greatly depending on market conditions. Spot market prices usually serve as the price reference in long-term contracts.

After bilateral trades and auctions, any discrepancies between predicted and actual supply and demand are settled in near real-time through the ‘balancing mechanism’.

What is marginal cost pricing?

Marginal cost pricing is where units of electricity are sold at the price of the most expensive unit needed to meet demand at a particular moment in time.

When reviewing the electricity market arrangements in 2022, the Government said the marginal cost pricing system provides an efficient signal for supply and demand decisions, is transparent and incentivises costs to be kept down.

Merit order

In each half-hour trading period, each electricity generator bids the price it will accept to generate electricity, according to how expensive the electricity is to produce.

The bids are accepted in ‘merit order’ until the demand for electricity is met; the cheapest first, and the most expensive last. However, the price of all units of electricity is set according to the bid price of the most expensive unit needed to meet projected demand: this is the ‘marginal cost’.

The example in the chart below shows how different types of generators (renewable, nuclear and gas) bid until the demand is met.

Renewable generators typically have the lowest costs (because they do not have to buy fuel to burn) and so are the first to meet demand. Fossil fuel generators (including gas) often have the highest costs as they must buy fuel to burn, which also has a carbon price on it.

As a result, although most electricity is produced using sources with low marginal costs (42% by renewables and 15% from nuclear), the price that is paid for electricity traded on the spot market is often higher, at the marginal cost of generating electricity with gas.

How much cheaper are renewables than fossil fuels?

Renewable electricity generators have become increasingly cheap, with prices declining as capacity increases.

Between 2010 and 2021, the global average cost of electricity generation for a renewable generator over its lifetime (including building and operating costs) declined by 88% for solar photovoltaic (solar panels), 68% for onshore wind and 60% for offshore wind, as shown in the chart below.

Source: International Renewable Energy Agency (IRENA), Renewable Power Generation Costs in 2021, July 2022

In the second half of 2021 and most of 2022, the price of gas significantly increased because of market changes after Covid-19 restrictions were lifted and Russia’s invasion of Ukraine. This has made renewables comparatively even cheaper.

Source: Ofgem, Wholesale market indicators, Day Ahead Contracts Monthly Average

Even before the rise in gas prices, new renewables schemes were able to generate electricity more cheaply than fossil fuels. In 2021, the global average lifetime cost of electricity generation for new solar panels and hydropower generators was 11% lower than the cheapest new fossil fuel generator, while onshore wind was 39% lower.

Why are some non-gas electricity generators making large profits?

Marginal cost pricing means that the recent increases in the cost of gas have also increased the revenues of other electricity generators, such as some renewable and nuclear generators. These generators operating costs are unlikely to have increased to the same extent.

Many companies have therefore announced large profits. Centrica, which owns British Gas, made £758 million from its electricity generation business in 2022, of which £753 million was for nuclear generation.

However, generators’ profits vary depending on how they sell electricity. For example:

• Renewable generators who are part of the ‘renewable obligation’ government scheme may profit from selling electricity to the wholesale market and by selling renewable obligation certificates (issued for each unit of electricity generated), but they may have already sold the electricity at a lower price ahead of this.
• Contracts for Difference Contract for Difference (CfD)renewable generators selling into the wholesale electricity market will not profit as they receive their agreed ‘strike price’ whether the wholesale price is above or below this.

To respond to large profits, the Government introduced the Electricity Generator Levy which is a 45% charge on exceptional profits from low-carbon electricity generators. It will be in effect for large generators until March 2028.

Why does the UK still use gas?

Because renewable and nuclear generation is not yet enough to meet total demand, gas is used to provide two fifths of electricity generation (see the first chart).

Gas generators can also quickly burn more or less to match temporary spikes in demand for electricity during a day. Most renewables, including solar and wind, cannot be increased on demand as they are intermittent and depend on favourable weather conditions.

Will renewable energy prices be separated from gas prices?

The UK Government has said it will  investigate how to separate electricity prices from gas prices with its Review of Electricity Market Arrangements (REMA).

A consultation ran from July to October 2022, a summary of responses was published in March 2023, and another consultation in autumn 2023 will put forward reforms.

Some of the proposed changes  include:

• Introducing incentives for consumers to draw electricity from the grid at cheaper rates when demand is low or more renewable energy is available.
• Creating separate markets for renewable and fossil-fuel generated electricity, so renewable energy prices can be set independently from gas.
• Reforming the capacity market to increase low-carbon flexibility technologies that are more responsive to changes in demand and supply, such as electricity storage.

 

[Ecocharger + 1,463]

COP 28 is over, another waste of time and money and fossil fuels to jet these folks around to one conference after another.

https://www.forbes.com/sites/davidblackmon/2023/12/13/cop-28-and-fossil-fuels-a-transition-away-but-no-phase-out/?sh=755a18215072

"The world still gets roughly 80% of its primary energy from coal, oil and natural gas, only a sliver less than it did at the turn of the century. The world will use record volumes of all three fossil fuels in 2023, and most experts project it will do so again in 2024 and beyond."

"If China wished to signify a zeal to “transition away from” its own massive use of fossil fuels, it might decide to cancel its new program going into effect January 1, 2024, which will subsidize the building of hundreds more coal-fired power plants. Does anyone involved in COP28 expect that or any similar action by the Xi Jinping government as a result of its signing off on this agreement? Of course not. Beijing will interpret the phrase “transition away from” as it sees fit and continue to prioritize its national energy security over any climate commitments."

 

Edited December 13, 2023 by Ecocharger

[Ecocharger + 1,463]

Just now, Rob Plant said:

So you admit your projections were about as wrong as you could get then!

Well done Mr.Economist how much money did you lose on those predictions?

I don't have to project anything, the numbers speak for themselves.

All-time high oil production..mmmm.

That does not compute in your own little world.

[Ecocharger + 1,463]

Just now, Rob Plant said:

The world does exist outside of the USA border you know!

The UK government is beginning to show some common sense, give them some more time.