Lone Star State Loses Power

It’s too early to judge the public response to this failure. Texans are still trying to stay warm. But a cooling dose of realism poured on the single-minded focus on renewables is long overdue.

U.S. foreign policy is now configured to take account of our climate goals, which is a positive development. However, the charge of hypocrisy is easily leveled against both people and countries trying to persuade others to change their ways.

For example, the U.S. plans to halt funding for overseas fossil fuel projects, so as to highlight China’s continued bankrolling of coal projects among poorer countries. China is doing more to warm the planet than any other country – they burn half the world’s coal and are promoting its use among others. With poorer countries less able to cope with rising sea levels, we’re in the odd position of promoting behavior that we find more in their interests than they do. And while reduced coal use is a good objective, the U.S. is forecast to increase its coal consumption this year and next (see Emissions To Rise Under Democrats).

Past years switching from coal to natural gas are being reversed, because natural gas isn’t as cheap as it used to be. Democrat policies are designed to increase energy prices, with sometimes unintended consequences. American leadership would mean phasing out our own use of coal.

Moreover, Joe Biden’s emissary to convince the developing world to use less coal is John Kerry, whose lifetime of private jet travel must make his personal carbon footprint the envy of those he would persuade.  Climate change is a serious issue but is not yet receiving a coherent policy response.

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Disclosure: We are invested in all the components of the American Energy Independence Index via the ETF that ...

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