Reset or The God That Failed

The True Believers in Green Capitalism assured us that the wisdom of the Market would save us. As the cost/price of renewables came down, the Invisible Hand would take care of the rest. A typical headline from 2022: "A rapid transition to emissions-free ‘green’ energy could save many trillions of dollars in energy costs - and help combat climate change" We'll be rich AND green! Hell yes! Or this: “The new numbers turn the economic logic we’re used to upside down,” writes the climate activist and journalist Bill McKibben. To him, the import of this moment is clear: For the first time, McKibben argues, humanity has at our fingertips the tools needed to end humanity’s millenniums-long dependence on burning things for energy — and to save our climate in the process." These progressive cheerleaders pohpoohed the Left's doom and gloom. "Look at the IRA,the great climate legislation. Look at the rapid transition thanks to the entreprenuerial spirit!" From today's NY Times: "BP, the energy giant, said on Wednesday that it would increase spending on oil and gas while sharply paring back investments on various forms of clean energy. The move, described as a “reset,” appears to be a response to a combination of investor pressure for higher returns and a realization that the so-called energy transition to cleaner fuels is not moving as fast as once expected." Actually, what has been realized is that the increasing demand for energy, take AI and crypto data centers for example, is far outstripping the supply of renewables. And then take the fact that the profit margin for renewables steadily decreases the more you supply. Oops! Now add the drill baby drill regulatory regime and increased subsidies and tax breaks and big oops! The oil majors are just doing what they are legally obligated to do, what they are designed to do, what makes the most "common sense". The more obvious it becomes that capitalism can't fix this, the fiercer liberals cling to their faith in miracles. "I know full well but nonetheless..."