Renewable energy

Along a twist in the Connecticut River within an old-style colonial Vermont home lives Meredith Angwin, the Jewish grandmother who saw what almost no one else did: the coming downfall of the American electrical system. Three years ago, Angwin self-published Shorting the Grid: The Hidden Fragility of Our Electric Grid, the first-ever explanation for laymen of America’s labyrinthine, abstruse power markets. Her diagnosis was simple and troubling: when America moved away from the monopoly utility system in the Nineties toward restructured electricity markets, all players were divested from the responsibility of keeping the lights on.

America is about to spend $126.9 billion on renewable energy thanks to the Inflation Reduction Act. When this is added to the already existing production tax credits, the total is $240 billion. Greens everywhere are rejoicing. Paul Krugman took to the New York Times to wonder if the Democrats had just saved the world from climate change. And why not? America has seen emissions drop to 4.8 trillion tons a year since 2000. That’s a one-trillion ton decrease. In fact, since America has embarked on building out wind and solar, the country has returned to 1949 levels of emissions. But are renewables really to thank? After all, wind and solar only accounted for about 12 percent of our electricity supply in 2021.

Nye Bevan, the British socialist, famously denounced the nuclear unilateralists in his party for sending a future foreign secretary 'naked into the conference chamber’. Unless Congress passes the stalled budget reconciliation bill, President Biden will fly to the COP26 Glasgow climate conference, which starts in less than three weeks’ time, in a similar state of undress. Before the Paris agreement in 2015, UN climate change conferences were about hammering out the texts of binding climate treaties and agreeing to emissions reduction targets. All that has changed. Climate change targets are now decided in advance by individual countries in their Nationally Determined Contributions, draining climate conferences of drama and turning them into a giant show-and-tell.