(p. A17) Today Spain spends about 1% of GDP throwing money at green energy such as solar and wind power. The $11 billion a year is more than Spain spends on higher education.
At the end of the century, with current commitments, these Spanish efforts will have delayed the impact of global warming by roughly 61 hours, according to the estimates of Yale University’s well-regarded Dynamic Integrated Climate-Economy model. Hundreds of billions of dollars for 61 additional hours? That’s a bad deal.
For the full commentary, see:
BJORN LOMBORG. “Green Energy Is the Real Subsidy Hog; Renewables receive three times as much money per energy unit as fossil fuels.” The Wall Street Journal (Tues., Nov. 12, 2013): A17.
(Note: the online version of the commentary has the date Nov. 11, 2013.)