We cannot just buy, invest or build our way out of the climate and environmental crisis. Nevertheless, money is still very much at the heart of the problem. Investment is vital. Financial resources need to be directed to the best available solutions, adaptations and restorations, as much as we can possibly find. But the money seems to be going elsewhere.
Greta Thunberg in an Op-Ed to the Los Angeles Times
What an astute observation, Greta!
Emmet Penney, whose the editor of the excellent daily email newsletter Grid Brief highlighted a startling figure Tuesday on the current costs of the energy security crisis in Europe. He writes, “European expenditures to weather the energy crisis now match what they spent surviving Covid. Two back to back crises that inspired hefty state spending will impact the Continent for years to come. The update comes as the EU debates proposals to loosen state aid rules for green technology projects. And they said nuclear was too expensive...”
The report by Bruegel, a think tank, where Penney got his figures, places €768 billion allocated “to shield consumers from the rising energy costs” ($820 Billion USD) since the energy crisis in Europe began in September 2021.
3.7 Apollos
They furthermore broke it down into the following:
EU only: €657 billion (3.1 Apollos), Germany composes of 1.25 Apollos of this figure.
UK: €103 billion (0.45 Apollos)
Norway: €8.1 billion (0.03 Apollos)
But the money seems to be going elsewhere
Indeed.
Unfortunately such large sums of money no longer physically printed otherwise it might have some practical use.
