Union Group Argues For Public Ownership Of Energy Systems

According to the International Energy Agency and the International Renewable Energy Agency (IEA-IREA), the investment needed to keep global warming below the threshold of two degrees Celsius would have to double the 2016 levels of investment to $600 billion a year and reach $14 trillion invested in solar and wind by 2030. The chances of this happening, under the current paradigm of public-private partnerships that guarantee profits and mitigate risk to private investors, according to the “Working Paper No. 10” authors Sean Sweeney and John Treat, is zero. In fact, they argue, based on a close study of the situation in the UK, that the idea that we can reach safe levels of renewable energy via aid to private profiteers is “the greatest policy failure ever.” Public money, they argue, is already responsible for the vast bulk of the world’s energy deployment.
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