On 1 July, Australia’s race toward a “Clean Energy Future” began
when the first phase of carbon pricing officially commenced
under the government’s Clean Energy Legislation. But consider
that both Europe and the U.S. have invested heavily through
government subsidies, loan guarantees, and private investment in
the search for new technologies and new sources of electricity
that don’t load the atmosphere with carbon dioxide but will
deliver the power required to run a city. Their search has
failed—miserably. In its wake lies a minefield of corporate
bankruptcies, billions upon billions of investor and tax dollars
swirling down the drain, and the realisation by governments and
some major energy companies that they can no longer afford to
finance technologies that simply don’t work. China announced it
will stop further expansion of solar and wind power. Germany,
Great Britain, Italy and France have cut their solar subsidies.
BP has officially abandoned solar energy development after four
decades of heavy investme