Governments and business leaders are now changing their tune on net zero. Are we observing the early stages of worldwide resistance against the constraints of net zero policies? Investors are ditching renewable energy faster than any other funds on record. According to Reuters, renewable energy funds suffered a net outflow of $1.4 billion in the July to September 2023 quarter, the largest-ever quarterly outflow. There was also a 23 percent decline in the total assets under management in the sector. The S&P Global Clean Energy Index has also decreased by 30 percent this year, while the S&P 500 Energy Index, which is oil and gas-heavy, has slightly increased.
Politicians are also raising concerns about net zero. UK Prime Minister Rishi Sunak has delayed banning new petrol and diesel cars and residential gas heating until 2035. French President Macron has said that gas boilers will not be banned and has been hesitant about phasing out fossil fuels. In New Zealand, the government is facing opposition due to policies such as taxing livestock for methane emissions. In the Netherlands, the Farmer-Citizen movement is the dominant party, and in Germany, there are plans to resurrect coal plants. US presidential candidate Robert F. Kennedy Jr. believes that real environmentalism is about protecting natural habitats and reducing pollution, not about net zero.
There is a shift in voter attitude towards climate transition policies. Even in the European Union, voters are turning away from green parties towards those with an anti-EU sentiment. Geologist Professor Ian Plimer and Senator Ralph Babet in Australia have criticized net zero, with Babet calling it a “complete and utter scam.” However, former UK Prime Minister Theresa May sees net zero as a growth opportunity.
While some cling to the net zero mission, many renewable projects are being shelved or delayed due to constraints and skyrocketing costs. However, there could be an upcycle in the future due to massive US government subsidies. It is important to note that the views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times.