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Opinion: Everyone will survive Trump's climate mistake - except Big Coal
Opinion: Everyone will survive Trump’s climate mistake — except Big Coal
Published: June 2, 2017 8:10 a.m. ET
Economics favor cleaner energy, regardless of politics over Paris climate agreement
By TIM MULLANEY WRITER
Of all the dumb-but-common things for politicians to say, rolling out “I’m not a scientist” to duck action on climate change is one of the most predictable, and lamest. Because while it is, indeed, the work of a career to really understand climate science, it takes half an hour or so to grasp the economics. I can boil it down to three minutes and change — the time it takes the average person to read 750 words.
The economics are so easy that even President Trump should be able to understand them, and people who are alarmed by his decision Thursday to pull the U.S. out of the Paris agreement on climate may be able to rest more easily.
The Paris accord matters, but much less than the fact that the technology and economics of renewable energy have hit tipping points. You can still argue that wind power, for example, works mostly because it benefits from a tax credit that costs the federal government about $3 billion per year. But since U.S. investors have poured $143 billion into wind plants over the last 10 years (per the industry’s trade group), and the cost of building wind plants is still falling, that’s not much of an argument any more. (Oil and gas are also subsidized by about the same amount, according to Congress’ Joint Committee on Taxation.)
The same thing is happening with solar, but more slowly: Wind provides about 6% of U.S. electricity, with solar at about 1%. Lower costs breed more adoption, helped along by tax credits.
....
Tim Mullaney is a commentary writer who covers the economy and corporate news.
tim mullaney: @timmullaney
https://twitter.com/timmullaney
Published: June 2, 2017 8:10 a.m. ET
Economics favor cleaner energy, regardless of politics over Paris climate agreement
By TIM MULLANEY WRITER
Of all the dumb-but-common things for politicians to say, rolling out “I’m not a scientist” to duck action on climate change is one of the most predictable, and lamest. Because while it is, indeed, the work of a career to really understand climate science, it takes half an hour or so to grasp the economics. I can boil it down to three minutes and change — the time it takes the average person to read 750 words.
The economics are so easy that even President Trump should be able to understand them, and people who are alarmed by his decision Thursday to pull the U.S. out of the Paris agreement on climate may be able to rest more easily.
The Paris accord matters, but much less than the fact that the technology and economics of renewable energy have hit tipping points. You can still argue that wind power, for example, works mostly because it benefits from a tax credit that costs the federal government about $3 billion per year. But since U.S. investors have poured $143 billion into wind plants over the last 10 years (per the industry’s trade group), and the cost of building wind plants is still falling, that’s not much of an argument any more. (Oil and gas are also subsidized by about the same amount, according to Congress’ Joint Committee on Taxation.)
The same thing is happening with solar, but more slowly: Wind provides about 6% of U.S. electricity, with solar at about 1%. Lower costs breed more adoption, helped along by tax credits.
....
Tim Mullaney is a commentary writer who covers the economy and corporate news.
tim mullaney: @timmullaney
https://twitter.com/timmullaney
