By Jo Nova
Word is spreading openly of the awful third quarter results in wind and solar power, and in EV’s. Morningstar noted some $14 billion dollars moved out of sustainability funds in the last quarter even before the dismal results were announced. This is only a small part of the $300 billion total, but it’s a big bad shift in momentum in a sector that is supposed to be going exponential and theoretically “the next big thing”.
Two years ago funds were tagging anything they could with Sustainability. But the term has become a dirty word, and so has ESG. Funds that were enthusiastically adding these green terms to their titles are now dropping them and backing away slowly…
With major daily business newspapers now reporting the bad news it’s hard to see what will stop the slide — only massive subsidies would do that (temporarily), but the US has already done that with the bizarrely named Inflation Reduction Act.
But make no mistake, there is a $300 billion industry begging for help and a lot of politicians who don’t want to admit their renewables push was an economic disaster. The German government has bailed out Siemens, and the [...]
