Richard Tol tweeted here a link to an article appearing at the Deutsche Wirtschafts Nachrichten (German Business News) about the country’s much ballyhooed Energiewende, in English: transition to renewable energies. The title:
Max Planck economist: ‘Transition To Renewable Energy Borders On Suicide’
Leading economic experts are firing harsh criticism at the energy policy of federal super minister Sigmar Gabriel. Germany as a friendly location for business is not only being weakened, the transition to renewable energy even borders on suicide and is an unimaginably expensive folly.”
Recently Angela Merkel’s grand coalition government just decided they would water down the scale-back in renewable energy subsidies. The Deutsche Wirtschafts Nachrichten quotes Max Planck Institute researcher Axel Börsch-Supan, who has fired harsh words at Federal Economics Minister Sigmar Gabriel:
With their policy, the grand coalition is weakening Germany’s location as a place to do business. This is especially true when it comes to the Energiewende, which is bordering on suicide.”
According to the Deutsche Wirtschafts Nachrichten, other experts are also slamming Germany’s “Energiewende”. For example Ifo Institute director Hans-Werner Sinn calls it an “unimaginably expensive folly“. Marc Tüngler director of a German financial association, calls it “a planned economy without a plan” that makes the Energiewende “unbearably expensive“.
The Deutsche Wirtschafts Nachrichten concludes:
According to experts, the big losers are the consumers, who will have to expect continued increasing electricity prices.