The world, we’re told, is not only undergoing an “energy transition” but an “accelerating” one. Except it’s not.
This is not to suggest there’s anything false in all the headlines about record increases in electric car sales, or huge plans for more solar and wind installations, or massive government spending and mandates to effect an “energy transition.” That’s all true. But a rapid transition away from traditional energy just isn’t visible in the data.
Oil, natural gas, and coal supply 84 percent of global energy. That share has shrunk by a mere two percentage points over the past two decades. And that’s after more than $5 trillion spent by governments in pursuit of avoiding fossil fuels, along with endless admonitions and mandates in the age of “climate awareness.”
Mark P. Mills is a senior fellow at the Manhattan Institute; a partner in Cottonwood Venture Partners, an energy-tech venture fund.
Photo by JONGHO SHIN/iStock