JP Morgan, BlackRock drop out of climate banker cabal, and admit the Net Zero transition is “delayed”
In February three of the four largest financial houses in the world, left the giant financial cabal called“Climate 100+” (the fourth one left a year ago). BlackRock, JP Morgan and State Street all parted ways with the billionaire-club of philanthropists trying to bully the world into buying their own renewables. In the two months since then, two of their CEO’s have put out “letters to shareholders” predicting how the transition is going to be slower and harder and how we still need fossil fuels.
Suddenly everyone sounds like an energy skeptic.
There are lots of reasons for this shift:
1: US Republican States are pointing the “AntiTrust” gun at the billionaire banker club because it looks exactly like a monopolistic cabal doing its best to collude to reduce competition. The States are also firing up the fiduciary duty canon. Hence the bankers not only want to back away from the cabal, they want to sound like bankers that care about investing their clients funds.
2. The renewables bubble is deflating fast, and the CEO’s can see what’s coming. Think of their renewable energy passion a few years ago as a pump-n-dump scheme and it all makes more sense. Right now smart bankers are smoothing the exit ramp out of the bubble they created and hoping no one notices how wrong all their previous statements were.
3. Maybe there’s a point where smart banker billionaires realize they don’t want their own homeland to hit the skids. They’ve all made a fortune in the last four years, but who wants that fifth private jet if there is no homeland to come home too? Jamie Dimon astonished people when came out in January saying Trump’s policies were “kinda right”. Billionaires might want to visit China, but they don’t want to live there. And as I said at the time, maybe the wake up call was when the paratroopers-of-death dropped into a democracy and the Ivy league started cheering them on.
4. And besides, Trump might even win.
How times have changed
A year ago the CEO of the JP Morgan was calling for forced property seizure in a climate emergency:
Wall Street titan Jamie Dimon says seize private land for wind and solar builds
6 April 2023 10:29 GMT, Recharge
One of the world’s highest-profile bankers – JP Morgan Chase CEO Jamie Dimon – said the US government should consider seizing private property to boost the number of green energy projects coming through the pipeline. Dimon told the bank’s shareholders that availability of wind and solar projects needs to be accelerated urgently as “the window for action to avert the costliest impacts of global climate change is closing”.
This year we need a reality check:
JP Morgan Warns of Delay to Global Energy Transition
By Irina Slav, OilPrice, April 19th, 2024
Inflation, interest rates, and wars may well delay the energy transition by quite a long time, JP Morgan has warned in a call for “a reality check” on its shift from hydrocarbons to alternatives.
…the bank’s head of global energy strategy, Christyan Malek, … forecasts that governments will dial down the push to transition from oil and gas to wind and solar as their financial resources dwindle.
Jamie Dimon’s Letter to Shareholders in 2024, is a 30,000 word 70 page letter. Despite being a small book it mentions “climate” just 13 times. He’s now more concerned about China (18 mentions) and uses the word military 24 times. He criticizes the Inflation Reduction Act because it angered all the allies of the US and he argues the US should dig up gas and sell it for political gain as well as the money:
Trade is realpolitik, and the recent cancellation of future liquified natural gas (LNG) projects is a good example of this fact. The projects were delayed mainly for political reasons — to pacify those who believe that gas is bad and that oil and gas projects should simply be stopped. This is not only wrong but also enormously naïve. One of the best ways to reduce CO2 for the next few decades is to use gas to replace coal. When oil and gas prices skyrocketed last winter, nations around the world — wealthy and very climate-conscious nations like France, Germany and the Netherlands, as well as lower-income nations like Indonesia, the Philippines and Vietnam that could not afford the higher cost — started to turn back to their coal plants. This highlights the importance of safe, secure and affordable energy. Second, the export of LNG is a great economic boon for the United States. But most important is the realpolitik goal: Our allied nations that need secure and affordable energy resources, including critical nations like Japan, Korea and most of our European allies, would like to be able to depend on the United States for energy. This now puts them in a difficult position — they may have to look elsewhere for such supplies, turning to Iran, Qatar, the United Arab Emirates or maybe even Russia. We need to minimize anything that can tear at our economic bonds with our allies.
The strength of our domestic production of energy gives us a “power advantage” — cheaper and more reliable energy, which creates economic and geopolitical advantages.
Meanwhile Larry Fink, CEO of BlackRock, the largest asset fund in the world, has undergone a very similar transformation. In 2021, he was raving how the existential crisis and how this was the beginning of a long and rapidly accelerating transition:
Larry Fink’s letter to CEO’s 2021
I believe that the pandemic has presented such an existential crisis – such a stark reminder of our fragility – that it has driven us to confront the global threat of climate change more forcefully and to consider how, like the pandemic, it will alter our lives. It has reminded us how the biggest crises, whether medical or environmental, demand a global and ambitious response.
…I believe that this is the beginning of a long but rapidly accelerating transition – one that will unfold over many years and reshape asset prices of every type. We know that climate risk is investment risk.
But now, after the bubble came and went, now he’s telling us energy security is just as important as the climate crisis:
Oil, gas needed for years: BlackRock’s Larry Fink says in annual [2024] letter
By Eric Johnston, March 27, 2024, The Australian Business Review
One of the world’s most influential investors has said the switch is on to “energy pragmatism” that recognises energy security is just as important in the move to net zero. Larry Fink of the $US10 trillion ($15.3 trillion) BlackRock has acknowledged the world will need to rely on oil and gas “for years to come” through the uneven energy transition.
… his letter … which runs to almost 30 pages, only mentions climate change in passing and the discussion is limited to strategies under way in the energy transition.
Larry Fink’s letter to investors in 2024 didn’t even mention ESG.
These are the levers of power you see shifting. BlackRock manages $10 trillion dollars in assets, and according to Jamie Dimon’s letter, JP Morgan was managing assets of $7.6 trillion. When these men write long letters, Wall Street studies them.
A lot of people have suddenly started to say in April that “we always knew the transition would be expensive” — the phase change is following the bankers.
They are only now realising that the sensible people have long known the alarmist emperor is wearing no clothes.
640
They may well be Alarmists but they are NOT Emperors. They have a Fiduciary Duty to their Clients on how they invest that money.
Just like the Australian Union Superannuation Fund Trustees. Invest in so called Renewables at your peril. If the Trustees stuff up then millions of Law Suits await. A sobering thought for them. Jail time too.
40
I recently came by a photo of Mussolini and his friends hanging in the square in front of Italian Partisans. That picture is enough for me to stay on the straight and narrow.
40
Rich Rats deserting their Titanic but not before they are in the lifeboat! Dr Chalmers will no doubt be delivering a sobering message to Albo and BOB. I wonder if Russia taking some of JPM $$$ is hurting too
450
Nailed it.
250
Sorry to announce, the Titanic’s arrival in New York will be delayed.
110
Hopefully the investment climate starts to change in time for the next election here as only one party wants to build reliable power sources?
Good news dribbling in.
352
Both Labor and Liberal support the renewables farce and net zero.
So I know you weren’t suggesting one of them surely?
80
Agreed wal.
Both Liberal and Labor factions of the Uniparty believe in the anthropogenic global warming fraud.
Dutton pretends to support nuclear power but only because he still believes in AGW. He also knows that in today’s Australia, there is absolutely no chance of building a nuclear power station in less than 50 years and probably never.
Don’t forget it was the Liberals who cancelled a nuclear power station already under construction at Jervis Bay in 1971 and then under Howard, they outlawed nuclear power by legislation. Howard also allowed renewables to connect to the grid. Howard also gave away much of our gas supply to the Chicomms at world’s cheapest prices on a bizarre 30 year contract with no provision for inflation or market prices. We are now building a gas import terminal… Liberals under Abbott also signed us up to the Paris Accords. To be fair to Abbott, he now realises that was a huge mistake.
https://www.theguardian.com/australia-news/2018/jul/03/tony-abbott-urges-withdrawal-from-paris-agreement-despite-signing-australia-up-as-pm
130
Nothing should connect to the grid unless it’s dispatchable and stable.
130
Or using grid power?
20
Labor believes in it….the Liberals go along with it. Dutton goes to election with a nuclear agenda. I can assure you he doesn’t “believe” in AGW.
10
Exhausting.
110
The sheep have to be given a bit of a respite before another round of fleecing can begin.
220
Well it does take a year to grow the next fleece to shear
20
These days some sheep are shorn twice yearly 🙂
00
Time ALL countries followed what Iceland did with their Bankers.
Iceland has jailed 26 bankers, why won’t we?
https://www.independent.co.uk/voices/iceland-has-jailed-26-bankers-why-won-t-we-a6735411.html
20
A very positive thinker would say that RELIABLE, SAFE BASE-LOAD energy provides us with STRENGTH and TOXIC, DILUTE, UNRELIABLE W & S only leads to WEAKNESS and poverty.
China, Russia, India, Iran, Nth Korea etc know and understand these facts and yet the OECD countries have WASTED TRILLIONS of $ for NOTHING and also WASTED 34 years as well.
Lets hope we’ve started to WAKE UP, but I still don’t trust at least half of the major players and con merchants at all.
430
It is Australia’s destiny to be a Hong Kong Mk2
Time to start learning Mandarin
90
If the Chicomms are nice to us they’ll let the Proles continue to speak English (which is also an official language in HK) but the Elites will speak Mandarin. That’s the language Kevin Rudd speaks.
KRudd presents himself as an expert on China, is a Sinophile, is loyal to China and will no doubt work with the Chicomms for their ultimate take over of Australia.
270
And has a Chinese son in law.
120
I seem to recall Rudd referring to them as “rat procreators”.
Was that his son-in-law?
30
Sobering news from today’s Australian
1. From budget black to a deeper sea of red
Forecast deficits will deepen over the next four years as Jim Chalmers is forced to lift spending and funnel investment into new drivers of economic growth.
2. Stop the cash splash, Vic Premier told
Victorian Premier Jacinta Allan must pull the brakes on spending on the Suburban Rail Loop and other big-ticket items in Tuesday’s budget, top economists warn.
3. Why the economy is about to get some hard truths
The RBA, the banks and big business are threatening to upstage federal Treasurer Jim Chalmers’ impending May budget.
4. Media vacates the field on energy debate
Editors at left-wing news sites which publish only positive propaganda about the energy transition should make a serious reporting commitment to the issue.
“Slowly at first and then the rush”
240
“funnel investment into new drivers of economic growth”
Ie, buy votes from ignorant taxpayers.
80
Well done Jo! I see you got a mention in https://principia-scientific.com/ford-makes-huge-losses-on-ev-sales/
171
No. They just took the content without permission. But thanks for letting me know.
I am not and have never been a “Principia Scientifica” author. It takes hours to research and write a piece but it can be cut n pasted in 10 seconds. Ironically, they have their own footnote on every page “Portions Copyright © Principia International.” They are not the only ones who do this. But I am surprised at how conservatives who supposedly value law and order are so fast to breach copyright law as if there is no reason to respect intellectual property and support those who make the content. They took another post and art on the collapsing German solar industry. Their only contribution is to ask for donations to themselves “to support our work” at the end of it.
170
Who’s going to be the first one brave enough to go beyond calling it “energy pragmatism” and calling it a “huge mistake“.
Even better “the biggest fraud of all time” (along with covid “vaccines”).
There must be one of them that’s smart enough to understand that there are huge numbers of thinking people, anti-woke investors who are prepared to invest in appropriate pro-energy coal, gas, real hydro (not SH2) and nuclear power plants as well as traditional industries.
Note: Thinking Australians would have to invest their money overseas as there will be no useful energy projects in Australia and the Government is systematically shutting down “carbon polluting” (sic) industries.
350
From Monday Thread – GREGORY WRIGHTSTONE: Scientific Report Pours Cold Water On Major Talking Point Of Climate Activists
The purveyors of climate doom will not tolerate the good news of our planet thriving because of modest warming and increasing atmospheric carbon dioxide. However, a recent scientific paper concludes that an optimistic vision for Earth and its inhabitants is nonetheless justified.
Widely accepted data show an overall greening of Earth resulting from a cycle of natural warming that began more than 300 years ago and from industrialization’s additions of CO2 that started in the 19th century and accelerated with vigorous economic activity following World War II.
Also attributed to these and other factors is record crop production, which now sustains 8 billion people—ten times the population prior to the Industrial Revolution. The boost in atmospheric CO2 since 1940 alone is linked to yield increases for corn, soybeans and wheat of 10%, 30% and 40%, respectively.
The positive contribution of carbon dioxide to the human condition should be cause for celebration, but this is more than demonizers of the gas can abide.
Right on cue, narrators of a planet supposedly overheating from carbon dioxide began sensationalizing research findings that increased plant volume results in lower concentrations of nutrients in food.
Nutritive Value of Plants Growing in Enhanced CO2 Concentrations (eCO )- 35 Page pdf
ABSTRACT
In the present article, we strongly argue against the published notion that enhanced atmospheric
concentrations of carbon dioxide (eCO2) threaten human nutrition.
We review literature and provide arguments that arrive at quite a contrary view.
In accordance with Liebig’s Law of the Minimum, more vigorous growth of vegetation in eCO2 will increase plants’ need for more of other nutrients. However,the resulting nutrient deficiencies caused by eCO2 are small, compared to the nutrient shortages that agriculture and livestock routinely face because of natural phenomena, such as severe soil fertility differences, nutrient dilution in plants due to rainfall or irrigation, and even aging of crops.
These problems have been satisfactorily dealt with for generations through adequate use of mineral fertiizers, most importantly nitrogen; by proper species and cultivar selection; and with foodsupplements for livestock and humans. The same agricultural practices will ensure that the more abundant crops that result from eCO2 will also provide good nutrition.
Over most of geological history, atmospheric CO2 concentrations have been several times higher than today’s, which are much less than
optimum for most plants. We also review the contribution of eCO2 to global warming and conclude that doubling or even quadrupling CO2 concentrations can only cause a few percent suppression of radiation to space.
The resulting temperature increase will be small, compared to the natural increases and decreases of temperature that have characterized our current interglacial period.
More CO2 is beneficial to life on Earth
190
D, Pragmatism is 1984 speak for mistake. And by the way I’m taking my Forrest Power Plan to subsidisation land
60
David,
Remember when Coal and oil were going to be “stranded assets”? Renewables will soon be in that predicament when the cost of running them becomes prohibitive. The costs can only skyrocket when subsidies dry up. Reality is returning and magic is fading away….
40
Only INSANE liars and con merchants would choose to WRECK our land and sea environments and all for a guaranteed ZERO return on their crazy, TOXIC W & S investments.
And of course ZERO change for temperature and climate by 2050 or 2070 or 2100. Just check OWI Data co2 emissions from OECD and NON OECD countries since 1990.
That’s if you BELIEVE that co2 is the magic control knob driving our climate since Dr Hansen’s upper limit of 350 ppm?
180
These guys are slow learners.
“we knew it was going to be expensive” Really? How come they admit this now?
280
Meanwhile at the Millionaires Factory – “Formed at the request of the United Nations”
MAM delivered a net profit contribution of $A1,208 million, down 48 per cent from $A2,342 million in FY23. The result was primarily driven by lower asset realisations in green investments and increased net expenditure in investments in green energy portfolio companies operating on a standalone basis with base and performance fees broadly in line.
120
MQG is still above last year and the recommendation is to buy so it must look good to investors. Maybe it will take a more pragmatic approach to renewables as well.
10
They walked away from the smoking ruins of the GFC, and immediately started looking for the next scam.
200
Don’t celebrate too soon, this just means their next scam is ready to be launched.
220
“Green” hydrogen.
140
It won’t fly David. It cannot be made here economically and I doubt it will ever be profitable so long as gas, oil and coal are available. It is the least dense fuel.
20
Nuclear energy is a controversial issue in Italy where nuclear-fired power plants were banned after Italians voted in a 2011 referendum against a law for a national nuclear programme.
Pichetto, who will head negotiations among energy ministers of the Group of Seven (G7) most industrialised countries starting on Monday in Turin, said that nuclear energy would allow Italy to protect the environment, but also reach complete independence on the energy front.
Germany was resisting a push by Italy to agree for broad support for nuclear energy as a transition from fossil fuel.
https://www.reuters.com/business/energy/italy-sees-role-nuclear-energy-meet-green-goals-minister-says-2024-04-28/
80
I know most people seem to find this boring, but everyone should try to understand the FACTS about our climate and the changes over long and short periods of time.
The co2 group of genuine Scientists have been trying for years to WAKE UP the citizens to the real world of data and evidence.
But stupid fantasies from the clueless Greens, Labor and other so called scientists and so much of the MSM seem to win over so many weak minded fools.
Here again are the Climate facts section from the Co2 Coalition Scientists.
https://co2coalition.org/facts/
170
Everyone should be able to take the Co2 Coalition’s quiz and achieve a high score.
If I can manage it easily, then anyone should be able to and especially most of Jo Nova’s bloggers.
https://co2coalition.org/quiz/are-polar-bear-populations-in-decline/
70
How do you know your score, just keep track as you answer the q’s.
20
Neville,
Thanks for posting the link to the quiz, does a 100% pass earn me a ribbon? As you say it isn’t hard for us joannenova.com.au readers to score highly but I’d love to see Blowhard Bowen or ABC commentators do it and no doubt have a massive dummy spit as they get every answer wrong!
40
They would get every answer right, the quiz would be wrong. The left have their own truths.
80
“Our allied nations that need secure and affordable energy resources, including critical nations like Japan, Korea and most of our European allies, would like to be able to depend on the United States for energy. This now puts them in a difficult position — they may have to look elsewhere for such supplies, turning to Iran, Qatar, the United Arab Emirates or maybe even Russia. ”
Would they really like to de dependent on the US? That might be how the US would like it, but common sense would say have multile sources.
100
EV collapse, nut zero ‘delayed’.
60
Dr Judith Curry recently addressed the GWPF in the UK about the Uncertainties and risk of Climate Change.
Here’s the video link and the transcript.
https://judithcurry.com/2024/05/04/annual-gwpf-lecture-climate-uncertainty-and-risk/#more-31190
60
Blackrock, eh! . . Running rings around the Fed.
One year, they’re at Jackson Hole, Wyoming, schmoozing with the boys from the Federal Reserve, telling them to buy assets for their Balance Sheet when the next downturn comes (thereby creating new money) and — what a fluke! — when Covid appears, THEY get hired by the Fed to sell them assets.
Should’ve “made a killing” on the deal (I mean, I assume they’re ‘cannier’ than the guys at the Fed). Probably got to offload some dud assets off the books as well!
So in the end, the U.S. got stuffed with high inflation, while Larry stuffed his pockets with a bonus!
BTW, Jackson Hole is where central bankers and ‘invited parties’ get together every year to ‘discuss stuff’.
Credit for this heart-warming tale goes to Prof. Richard Werner, longtime critic of modern banking (or ‘Fictional’ Reserve Banking, as I think of it).
120
The private profits are disappearing as the rent seeking opportunities recede. The grants, concessions and market manipulations are gradually being pulled and the big end of town is acutely aware of where its profits are sourced. It’s now only taxpayers who will be ‘investing’ in these zombie projects.
80
How can they operate a CBDC and use “AI” to control our every move without reliable and vast energy sources? Oh look, a change in rhetoric all of a sudden.
130
That’s the problem with digital imprisoning of tax slaves. It requires electricity and an uncontested radio environment.
The lessons of “Gulag Archipelego” remain relevant in the digital age.
60
go broke go green, the numbers are coming in at last, it has always been when!!
60
go broke go green, the numbers are coming in at last, it has always been when!! the rest pay for the huge
economic rent collected by a few
40
With one notable exception: Australia’s Albanese-Bowen Energy Superpower juggernaught is still heading for a major collision with reality resulting in dire consequences for most of us.
150
With one notable exception – or is it two? Or are they in the same gang?
NSW’s Prof Steve Turkey, he of the Help! We’re frozen in (nonexistent) ice! infamy, was briefly overheard yesterday on the radio – and I paraphrase –
We need to pull down carbon pollution from the atmosphere before it’s too late.
Oops, too late, again.
70
That juggernaut is scarier than anything you will see driven by post-apocalyptic raiders in a Mad Max film…
40
For Albanese and Bowen on Green energy, Climate Change, Green manufacturing and quantum computers and inflation, a quote from John Cleese about public schoolboys and business “being taught how to look convincing when they don’t know what they’re talking about. Gets you to the top”
When I read their cliched statements about any subject at all, I am struck by the fact they are passionately and profoundly ignorant. It’s an odd feeling as the catch phrases tumble out, knowing that’s all they have. And the earnest frowns and smiles. Only actors on a stage.
It’s very different with Joe Biden. No one’s home. He often cannot finish a sentence.. anyway..
160
Remember when buying Green diesels was compulsory? Certainly in France.
In the UK “Labour councils penalise diesel drivers up to £250 extra for parking”. (on street permits)
60
I hate it when I’m sunning on my yacht, or on my beach front estate, or planning my End of the World survival bunker on Maui, or deciding whether I should cut off the cash to Harvard, or flying my private jet to Davos … or planning how I can get the peasants to self imprison and submit to injecting themselves with my expensive product a second time …
and suddenly decide I should be more pragmatic.
200
Neville,
Thanks for posting the link to the quiz, does a 100% pass earn me a ribbon? As you say it isn’t hard for us joannenova.com.au readers to score highly but I’d love to see Blowhard Bowen or ABC commentators do it and no doubt have a massive dummy spit as they get every answer wrong!
40
And Pg 5 The Australian “Carbon capture and storage ‘in doubt'”
Low Emissions Technology Australia says if Glencore’s contentious carbon capture and storage project in the Great Artesian basin
does not go ahead, Australia will be closing the door on CCS technology.
What I did not know was that in 206 LETA a $700m fund was established by the Black Coal industry to invest in technological solutions aimed at reducing emissions.
They would have been far better served by doing what they have always been accused of doing, hiring some real scientists to debunk the myths.
It shows that even the coal industry is pushing against ’emissions’ without any proof that emissions have anything to do with CO2 levels or that CO2 levels have anything to do with temperature. The coal industry is also paying Climate Scientists and Engineers to do absolutely crazy things.
Emissions are not the alleged problem. Atmospheric CO2 is the alleged problem! And the connection has only been made by coincidence, even with the ice hockey CO2 graph. Which is as bad as Michael Man’s temperature graph.
For $700 million, the whole insanity could have been ended in 2006. But there is a lot of money at stake and no one wants to stop doing stupid things just because they are pointless.
“We can’t let opinions or hearsay on critical scientifically proven emission reduction technologies stand in the way of allowing Australia to meet its net zero goal, all while protecting critical Australian industries and thousands of Australian jobs”
Tell that to the thousands workers in the Yallourn valley or Hunter valley or at QENOS or the steel companies or smelters or transport or farming or manufacturing.
For $700 million you can have any opinion you want. Which is what is alleged anyway. Amazingly coal companies are also shills for net zero!
160
Great post:
and the duopoly is stated, sort of.
It adds weight.
“without any proof that emissions have anything to do with CO2 levels or that CO2 levels have anything to do with temperature”.
100
For $700 million they could have hired the entire of the CSIRO or BOM. Or all the scientists of the CO2 Coalition.
I am sure there are plenty of meteorologists and other scientists who say nothing for fear of losing their jobs, if not all of them.
The insult to injury is that if you do question “The Science” you are in the pay of Big Coal, which is absurd.
The senior management of Big Coal, Big Gas, Big Oil and Big Finance are just as much taken in by fake science as everyone else. That was Al Gore’s true insight, that the people who run big companies and science organizations do not have a clue about science. They are always political apparatchiks and rabid opportunists. There is far more money in going along with scam than calling it out. Think how many warned about the GFC. None.
100
Ian Plimer was on Outsiders (Sky News) yesterday commenting on this subject and boy did he dump on this stupid idea.
80
He was just on 2GB with Ben Fordam. He told the audience the following “On 21 August 1986, a limnic eruption at Lake Nyos in northwestern Cameroon killed 1,746 people and 3,500 livestock. The eruption triggered the sudden release of about 100,000–300,000 tons of carbon dioxide”.Wikipedia.
He said it was possible a similar scenario could develop if CO2 was pumped into the GAB.
20
Might they secretly realise that it’s not just delayed but doomed?
70
Even if we were living naked in caves, there would still be 8x as many people on the planet as in 1900. Net zero is absurd conceptually. It’s another ridiculous phrase like Green Steel or Green energy. So many politicians just accumulate catch phrases with zero comprehension. After all these are people who dropped out of science and maths.
110
And as windmills have an 8 year pay back period on CO2 emissions, each year we go further and further without limit into CO2 debt based on nett zero. And that’s just from installing windmills. We would have fewer emissions if we stopped doing it.
30
But my 25 year old windmill was 20 years old when it started pumping water for me.
Did I get my monies worth?
Though the header is getting tired and solar pumps are easier to find now.
30
It was built to do a job and have a long lifespan. Windmills are built to reduce CO2. And they increase it. That’s like a windmill which delivers no water for eight years and is lucky to give water for another eight.
30
The industrial and government super funds in Australia will be left with the rotting debris.
I expect there will be growing resistance to extend the RET beyond the 2030 deadline. That makes current investment look very shaky. Without direct consumer theft, the transition will rest on direct government funding – read inflation and higher taxes.
Australia is probably 10 years from any concrete change in direction and hands up those who think power prices will come down in the interim.
Victoria is already setting the scene for failed offshore wind auctions:
https://reneweconomy.com.au/victoria-wants-to-tap-cis-and-federal-funds-to-help-pay-for-offshore-wind/
When the actions fail, it will be due to lack of Federal Climate Ambition™ not Victoria.
There will be strong opposition against the Federal government locking in payments for energy that cannot be delivered. If Snowy 2 ever gets completed it will enable slightly higher penetration of WDGs but right now the market is saturated and any new rooftop erodes the grid scale market.
If I was building an offshore wind farm, I would want to know that I have a guaranteed income stream. Knowing that I cannot get a result from pushing on a string, I would be looking for payment independent of my production because there is nowhere for new wind and solar to go. All Dutton has to do is threaten to cancel the contracts. What are the offshore wind farmers going to do; move their bird choppers to USA!!! I think not.
50
The offshore wind farmers will demand compensation “on just terms” if the Commonwealth government moves to cancel the contracts. We will pay on the way in, and again on the way out.
The trick is to have the contracts with the states, which do not have the same restriction. This was the sleazy trick used by Howard to effectively confiscate large areas of farmland as carbon sinks.
60
Where would society be if we identified the people that are destroying the energy grid, creating bioweapons and their countermeasures, and were able to soundly banish them? Full marks if you can
elucidate the motivation behind those funding the decline of civilisation.
What would a properly functioning judicial system look like?
At what point will the rubber hit the road?
100
This is the only energy transition in human history where we still use ever increasing amounts of the legacy energy sources with every passing year.
60
Well, no, not really. If you look at ourworldindata energy consumption, after the transition started to coal, then coal and oil, then coal oil and gas, traditional biomass kept going up and actually doubled over 100 years. Maybe not ‘every passing year’, though, and it has declined a bit over 10% in recent years.The real difference about this “transition” is that it is being forced on people, not just allowed to happen or not according to whether people actually want it. The sooner the powers that be become the powers that were, the better.
60
Thanks Mike, but Wind and Solar look very tiny when you check out the share of Global Primary Energy Sourced from Wind and Solar in 2022.
Wind is just 1.31% and Solar 0.82% or 2.13% combined of Global Primary Energy. And Willis Eschenbach also reached the same conclusion as OWI Data.
https://ourworldindata.org/grapher/global-primary-energy-share-inc-biomass
50
It’s interesting to check on Human Flourishing since 1870, OWI Data calls this data Augmented Human Development Index. The Western countries are highest and China suffers because of a low score on Human rights. But the world has come a long way since 1870 and the booming population over the last 154 years are a lot wealthier and healthier today.
“Augmented Human Development Index, 1870 to 2020”
“The Augmented Human Development Index (AHDI) is a summary measure of achievementin four key dimensions of human development: a long and healthy life, being knowledgeable,being free and having a decent standard of living”.
https://ourworldindata.org/grapher/augmented-human-development-index?tab=chart&country=Sub+Saharan+Africa+%28AHDI%29~Western+offshoots+%28AHDI%29~Western+Europe+%28AHDI%29~Eastern+Europe+%28AHDI%29~Latin+America+%28AHDI%29~North+Africa+%28AHDI%29~Middle+East+%28AHDI%29~South+Asia+%28AHDI%29~East+Asia+%28AHDI%29~CHN~AUS~OWID_WRL~IRL~CHE
30
Bjorn Lomborg has a large team of Economists and Scientists to help him understand Energy data and his latest article is very revealing and exposes all the BS and FRAUD about TOXIC W & S energy. Here’s a quote from his latest article and the link and it makes my claims about the true W & S cost to Aussies seem very tame indeed.
I hope Jo has the time to check out Lomborg’s latest claims. And ten times global GDP just for short life GLOBAL battery back up would cost about 1000 + TRILLION $ every 15 YEARS.
https://ca.finance.yahoo.com/news/bjorn-lomborg-why-solar-wind-100053561.html
“A new study shows that to achieve 100 per cent solar or wind electricity with sufficient backup, the U.S. would need to be able to store almost three months’ worth of electricity every year. It currently has seven minutes of battery storage”.
“The required batteries would cost the U.S. five times its current GDP. And it would have to replace them all when they expired after just 15 years. Globally, the cost just to have sufficient batteries would run to 10 times global GDP, with a new bill every 15 years”.
“Current estimates of the cost of solar and wind also ignore the cost of recycling spent wind turbine blades and exhausted solar panels. Already, one small town in Texas is overflowing with thousands of enormous blades that cannot be recycled. In poor countries across Africa, solar panels and their batteries are being dumped, leaking toxic chemicals into the soil and water supplies. Because of pressure from the climate lobby for an enormous ramp-up in use, this will only get worse. One study shows that on its own this trash cost doubles the true cost of solar”.
100
Our resident idiots at the time (Scott Morrison and Josh Frydenberg) completely flew the white flag in terms of financing new coal/gas generation or even assisting to upgrade the present fleet. All in the pursuit of Nut Zero. Their feeble excuse was that no finance was available for these “stranded assets”. Clearly neither of them play cards and thought to call the finance industry’s bluff. How is it that other countries (most notably the Asian ones) appear able to finance new coal plants left, right and centre? Again, I dont fully blame the politicians because the damn bureaucrats running the Energy ministry are probably more to blame. (IMHO)
40
Both politicians and the senior public serpents who tell them what to think are responsible. At such senior positions, ignorance is inexcusable. Hopefully ways will be found to prosecute and severely punish them.
50
As others are waking up, the Super industry in Australia shows Bowen level understanding of what is going on.
https://www.reuters.com/sustainability/australias-second-largest-pension-fund-blacklists-thermal-coal-investments-2024-05-02/
60
If you look at “wall street on parade” there is an article about large amounts of business “off the books” – Black Rock and JP Morgan Chase are almost like the “Crimson Permanent Assurance” of Monty python fame and they have captured the super funds . They cannot afford any more exposure to ponzi schemes like renewables . The public picked up the tab for the GFC last time , but this time it’s on steroids due to government debt . When was the last time a politician mentioned the words “surplus” or “reduce the deficit”?
40
It took them a long time. But maybe some people DO need a weatherman to know which way the wind blows.
30
This whole scam is about the ridiculous concept that the climate is not the weather. There are averages and any deviation is Climate Change. And caused by CO2.
50
“Suddenly everyone sounds like an energy skeptic.”
Is an “energy skeptic” more appropriately named a “climate solution denier”
10
LOL, the scam works like this: We want to institute the following changes to society, so we make up a “problem” of which the solutions are the changes we want to make.
Even “skeptics” fall into the trap of going along with the idea that solutions exist, but they may not be practical or effective. There are no solutions. What we do or don’t do doesn’t matter to the climate.
50
Dave the only solution is having a modern science based approach to the dangerous weather events and fix the things we can.
For example we’ve achieved that over the last 100 + years and today the global deaths from extreme weather events have dropped by 98% since 1920.
And deaths from earthquakes, volcanoes, tsunamis haven’t seen an increase per million over the same period.
Have a look at Willis Eschenbach’s post on all of the global data. Of course less than 2 billion people in 1920 and over 8 billion today and yet deaths rates are at record lows.
I know these numbers are hard for us to understand but they are deaths per million people, in 1920 and up until 2020s.
And Lomborg’s deaths per million graph is the same as the graph at this Eschenbach link.
https://wattsupwiththat.com/2021/04/25/wheres-the-emergency/
20
[…] Source: Joannenova.com.au […]
00
[…] Source: Joannenova.com.au […]
00
[…] Source: Joannenova.com.au […]
00
[…] Source: Joannenova.com.au […]
00