John Viking Economics comments
▪ Norway and Sweden are fortunate to have so much hydro power; hydro represents almost all of their “renewable” energy. Given the large-scale damage and disruption caused by “large hydro,” it seems unlikely that they or other democracies will expand hydro in the future.
▪ Norway’s wind generating capacity is miniscule compared to its overall electric demand.
▪ Norway’s strong commitments to EV is something to be admired; points up that strong government intervention is critical in making that kind of transition away from internal combustion engines.
▪ Norway is the third largest exporter of natural gas in the world. Combined, oil and gas exports equal about half of the total value of Norwegian exports. In a certain sense, they are exporting a big chunk of their carbon footprint. Their commitment to “safe” drilling practices is admirable.
▪ Denmark’s commitment to wind is also admirable; they are fortunate to have access to Norwegian and Swedish hydro to provide their baseline electric capacity, important due to the variability of wind.
▪ Denmark’s and Sweden’s real-world demonstration that clean energy and healthy economy can coexist is important data. And that success once again points to the need for significant government involvement in making that kind of successful transition.
▪ What it means for us: transitioning away from fossil fuels requires significant governmental involvement, and that in turn requires political will from the electorate.