Alexandria Ocasio-Cortez promises that going green – removing all fossil fuels from our energy mix – will “establish economic, social and racial justice in the United States.”
In fact, her proposal would cripple our economy and hurt our poorest citizens. Ms. Ocasio-Cortez has admirable passion, but needs some schooling in energy economics. The cost of renewable energy is dropping fast, but is still more expensive in many applications than traditional fossil fuels like coal or oil. That’s one reason that adoption of wind and solar power has been slow, and that many countries, including the United States, underwrite renewables with subsidies and tax credits. The International Energy Agency predicts in its 2018 report that “the share of renewables in meeting global energy demand is expected to grow by one-fifth in the next five years to reach 12.4% in 2023.” The share of renewables remains low because wind and sun power are effective in producing electricity but not, for instance, in powering automobiles or airplanes. Renewables will generate nearly 30 percent of global electricity in 2023, a big jump from 24 percent in 2017, but will still account for only 3.8 percent of transportation fuel, compared to 3.4 percent in 2018.
More important, Ms. Ocasio-Cortez should know that lower-income and minority communities in the U.S. are disproportionately disadvantaged by higher energy costs. A 2016 study by the National Research Defense Council found that low income households “spend, on average, 7.2 percent of their income on utility bills…That is more than triple the 2.3 percent spent by higher-income households for electricity, heating and cooling.” Were we to ditch coal, natural gas and oil in favor of higher-cost renewables, electricity prices would soar, especially harming just those folks whom the young progressive says she wants to help.(Read More @) -FoxNews.com