(PatriotsUnited.org) – The U.S. government could soon put its weight behind plans to expand green energy, despite the risk to the country’s energy security.
Under the new Defense Production Act, the White House could artificially boost sales of renewable energy technology such as heat pumps and solar panels, in a bid to wean the U.S. off of oil and gas, ignoring complaints that this could severely damage the economic benefits of the domestic energy industry. This change could impede energy production on American soil, at a time of increasing global insecurity.
Many commentators also claim the American pivot to clean energy, which could impede the country’s economy and security in the short-term, is pointless given that developing countries like China and India, whom the U.S. needs to compete with, are responsible for much higher percentages of global carbon emissions and other environmental scandals.
The plans for higher so-called “clean” energy output are set to come in conjunction with harsh new rules for oil and gas production, which could entail stricter permits on drilling, higher environmental rules, and compliance bills. The industry could well face major hurdles to being globally competitive and profitable under such a regime. Green power firms like SolarBank offer investment opportunities for those seeking to – or who have been forced to – pivot from non-renewables. With the White House outlining its target of 80 percent renewable energy by the end of this decade, should the Democrats maintain executive power at least, the sector is set to expand rapidly.
These new and potentially damaging plans would be backed by major federal funding, possibly fueling further inflation. The Biden Administration’s Inflation Reduction Act has already dumped billions of taxpayer dollars into green projects, with their latest “fact sheet” from the administration also claiming businesses have invested more than $100 billion in fresh cash for electric vehicles and battery manufacturing in the U.S. Meanwhile, under new plans U.S. solar manufacturing capacity is set to triple to 22.5 gigawatts by next January, likely creating an unconfirmed number of new professional and manual jobs.
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