Three years old, yet no less true today:
Yet most green projects today are just thinly veiled exercises in crony capitalism. Under the guise of an energy revolution, companies are extracting massive government favors, while destroying more jobs than are created and misdirecting domestic energy production.
Consider the facts. Last year, direct spending, tax breaks and public research funding for renewables totaled $14.7 billion — a 186% increase since 2007.
Wind power alone took in almost $5 billion in subsidies in 2010. That’s more than a tenfold increase from 2007. Solar energy subsidies jumped six times over that same three-year period, from $179 million to $1.13 billion. And biofuels subsidies increased from $4 billion to $6.6 billion.
Worse, green sectors don’t have much to show for all that government cash, particularly when it comes to jobs.