Sep. 20, 2013
Germany’s top economic advisers and business leaders are saying it’s time to stop pouring money into “clean energy” production.
Their reason: It’s too expensive and there’s little return on investment.
“We need a drastic policy shift,” said Christoph Schmidt, chairman of Germany’s Council of Economic Experts. “They haven’t paid any attention to costs. These are now huge.”
Germany has long vowed to wean itself off of fossil fuels, but the cost of doing so has soared and it is expected to top roughly $1.3 trillion by 2030.
“It is a worthwhile goal, and the whole world is looking to see whether Germany can do it, so we can’t fail. But there have been so many mistakes,” Schmidt told the Daily Telegraph.
He stressed the country doesn’t have room to experiment with costly ventures as its own growth “speed limit” has dropped to one percent. And that’s on top of the fact that Germany is the most economically stable and profitable county in the EU.
The BDI, the country’s influential and powerful industry federation, agrees: “green romanticism,” as the Telegraph puts it, is wreaking havoc on Germany’s power supply.
“The international competitiveness of German industry is in danger,” the group said in a new report, stressing that clean energy costs have become unacceptable.