Green Energy: Greatest Wealth Transfer to the Rich in History

[Peter1469]

With the Green cult, who benefits? The people are being played.

Green Energy: Greatest Wealth Transfer to the Rich in History

We are in the midst of history’s greatest wealth transfer. Government subsidized wind systems, solar arrays, and electric vehicles overwhelmingly benefit the wealthy members of society and rich nations. The poor and middle class pay for green energy programs with higher taxes and higher electricity and energy costs. Developing nations suffer environmental damage to deliver mined materials needed for renewables in rich nations.


Since 2000, the world has spent more than $5 trillion on green energy. More than 300,000 wind turbines have been erected, millions of solar arrays were installed, more than 25 million electric vehicles (EVs) have been sold, hundreds of thousands of acres of forest were cut down to produce biomass fuel, and about three percent of agricultural land is now used to produce biofuel for vehicles. The world spends about $1 trillion per year on green energy. Government subsidies run about $200 billion annually, with more than $1 trillion in subsidies spent over the last 20 years.


World leaders obsess over the need for a renewable energy transition to save the planet from human-caused global warming. Governments deliver an endless river of cash to promote adoption of green energy. The Inflation Reduction Act of 2022 provided $370 billion in subsidies and loans for renewables and EVs. But renewable subsidies and mandates overwhelmingly favor the rich members of society at the expense of the poor.


Wind systems receive production tax credits, property tax exemptions, and sometimes receive payments even when not generating electricity. Landowners receive as much as $8,000 per turbine each year from leases for wind systems on their land. Lease income can be quite high for a landowner with many turbines. In England, ordinary taxpayers pay hundreds of millions of pounds per year in taxes that are funneled as subsidies to wind companies and wealthy land owners.


In the US, 39 states currently have net metering laws. Net metering provides a credit for electricity generated by rooftop solar systems that is fed back into the grid. Solar generators typically get credits at the retail electricity rate, about 14 cents per kilowatt-hour. This is a subsidized rate, which is more than double the roughly five cents per kilowatt-hour earned by power plants. Apartment residents and homeowners that cannot afford to install rooftop solar pay higher electricity bills to subsidize homes that receive net metering credits. Rooftop solar owners also receive federal and state tax incentives, another wealth transfer from ordinary citizens.

***

Renewable systems require huge amounts of special metals. Electric car batteries need cobalt, nickel, and lithium to achieve high energy density and performance. Magnets in wind turbines require rare earth metals, such as neodymium and dysprosium. Large quantities of copper are essential for EV engines, batteries, wind and solar arrays, and electricity transmission systems to connect to remote wind and solar sites. According to the International Energy Agency, an EV requires about six times the special metals of a gasoline or diesel car. A wind array requires more than ten times the metals of a natural gas power plant on a delivered-electricity basis. The majority of these metals are mined in developing countries.


Almost 70 percent of cobalt is mined in the Democratic Republic of the Congo. Indonesia produces more than 30 percent of the world’s nickel. Chile produces 28 percent of the copper. China produces 60 percent of the rare earth metals. These nations struggle with serious air and water pollution from mining operations. Workers in mines also suffer from poor working conditions and the use of forced labor and child labor practices. But apparently no cost is too great so that rich people in developed nations can drive a Tesla.


To top it off, the European Union recently approved a Carbon Border Adjustment Mechanism (CBAM). The CBAM will tax goods coming from poor nations which aren’t manufactured using low-carbon processes. CBAM revenues will be a great source of funds for Europe’s green energy programs that benefit the wealthy.


In January, California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington proposed a wealth tax on billionaires. It’s interesting to note that all seven of these states mandate and heavily subsidize wind and solar arrays and electric vehicles, which transfer wealth from poor and middle-class residents to those same billionaires.

[FindersKeepers]

This is so true.

Funny thing -- when the PTC was first passed in 1992, it was never supposed to last more than ten years. It was only to allow wind companies to get a foothold, but it was set to expire in 2002.

It was so lucrative, however, that wind companies and their investors lobbied for it to be extended until 2015. It was--and it actually expired in 2015 and new wind farm development suddenly stopped. Because wind energy is NOT financially feasible.

So then they extended it again but it was absolutely, positively, no-argument supposed to sunset for good in 2019. What BS. It was extended again and now, the subsidy per kW hour of production has been increased.

It's a massive money transfer.

And, to top it off--many firm energy plants, such as natural gas, oil, and coal, must be kept in running order because they have to be ready to crank up production when the wind doesn't blow or the sun doesn't shine. But, the money once spent to keep them in good running order is being shifted to renewables, so we see problems such as the one in Texas in 2021 during the polar vortex.

So, the energy expense is through the roof, but the quality of our grid is getting worse all the time. This is a mistake Americans will pay for decades.

And, you should see the intensity of the fight on local levels. It's unbelievable. We've seen (not me, personally) trespassing late at night, threats and bribes to county commissioners, and bribes to politicians. We even had a case where a female landowner was cornered her in her driveway by reps that refused to leave. A couple days later reps were in the easement of her property and she went out to talk to them--with her shotgun. She fired it into the ground when they wouldn't leave, but of course, she ended up being arrested and charged. I actually donated to her defense fund. LOL She's kind of an outspoken gal but they were intimidating her.

The struggle is real and the money is very lucrative.

Everyone wants a clean planet, and that's where they've got everyone bamboozled. Clean and efficient are two very different things when it comes to energy. And, of course, you know how the WEF and Schwab want to lower the standard of living of western nations. This is one good way.

[texan]

I hadn't looked at it this way. But yes.

[Collateral Damage]

Oh, the 'corporate' push for green energy is most definitely a syphon of money from the masses to a select few.

Not that some forms of green energy aren't beneficial for the small people, but solar has been undermined with subsidizing and sell-backs that it isn't realistic for the average household to do. The amortization of the startup costs is prohibitive in itself, and as others have mentioned, not available to renters, apartment dwellers or those in less than prime exposure.

There are some solar banks in small communities around here, but when it comes time for major maintenance or replacement, there is going to be some screaming....