sweeping across the US and other parts of the northern hemisphere, June is expected to be the 13th consecutive month of record-breaking global temperatures. The primary cause, of course, is the enormous amount of greenhouse gases in the atmosphere. Despite the existential threat posed by rising atmospheric concentrations of greenhouse gases, emissions continue toand the accelerated adoption of solar and wind power, demand for renewable energy is rapidly rising in the US and the EU.
This increased demand has been fuelled by significant declines in the real prices of solar panels, wind turbines, batteries, and EVs. In the US, this can be attributed in part to the clean-energy subsidies included in Presidentimposed by the US and the EU on imports of solar panels, EVs, and other equipment, threaten to derail this progress. While estimating the cost of the clean energy transition is ain capital investment annually between 2021 and 2050.
To be sure, while historically low labour costs and economies of scale have helped reduce the price of Chinese solar panels and EVs, generous government subsidies – often in the form of cheap credit – have also played a significant role. But it remains unclear how blocking these low-cost imports, as many western politicians propose, would benefit workers and consumers in the US and the EU.
Jeffrey Frankel is a professor of capital formation and growth at Harvard University. He served as a member of President Bill Clinton’s Council of Economic Advisers.
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