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illuminem summarizes for you the essential news of the day. Read the full piece on the New York Post or enjoy below
🗞️ Driving the news: Notable wind turbine manufacturers (Siemens and General Electric) reported nearly $6 billion in losses combined, showing that green energy's promise to revolutionize the power sector is facing significant challenges
🔭 The context: High costs of materials and quality control issues are causing companies to re-evaluate their commitment to certain projects
• These rising costs are resulting in several projects being canceled or postponed
🌎 Why does it matter for the planet: While green energy initiatives promise a cleaner, sustainable future, these economic setbacks could slow down the energy transition away from fossil fuels
• This threatens to intensify the already-detrimental effects of climate change
⏭️ What's next: To sustain the shift towards green energy, there needs to be a reconsideration of policies, subsidies, and perhaps even a stronger focus on other reliable and clean energy sources, such as nuclear power
💬 One quote: "Instead of the green energy nirvana politicians and green energy advocates have promised, economic and physical reality has begun to set in” (Jonathan Lesser, Manhattan Institute economist)
📈 One stat: 2022 witnessed a decline in new wind-power capacity by 16% compared to 2021, according to the American Clean Power Association
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