A recent Forbes’ article on Vestas Wind’s CEO, Ditlev Engel, and his determination to make wind energy succeed in America, brings to mind the real problem behind renewable energy in the U.S; Congress tends to swing whichever way the wind blows (pun intended).
Vestas came to the U.S. in the wake of the OPEC oil crisis/embargo in 1973. Then, when oil prices dropped in the 1980s, Vestas – like many other renewable energy startups – went bust because the government let renewable energy tax incentives lapse for lack of interest. This effectively dried up venture capital.
How do you successfully phase out fossil fuel subsidies in less than 10 years? The first step would be identifying what a subsidy actually is.
And if you’re the British Government, you...