The latest projections for 2050 energy demand are a sobering reality check for those peddling a 'green' transition without economic sacrifice. We are told that renewables will soar, yet natural gas production is expected to rise alongside them to meet a voracious global appetite for power. This is not a transition; it is an expansion. We are merely stacking new energy sources on top of the old ones.
To actually hit net-zero targets, we must accept a period of structural inflation that no central bank is currently brave enough to admit. The 'green' transition requires an unprecedented reallocation of capital away from efficient, established fossil fuels toward infrastructure that is currently more expensive and less reliable. Pretending this can happen while maintaining current consumption patterns is a fiscal fantasy.
We need to stop promising 'green growth' and start talking about 'green austerity.' If we are serious about 2050, we need carbon pricing that actually hurts, and we need it now. Any policy that doesn't significantly lower the standard of living for the high-consuming West is simply not doing the math.