The price of natural gas in Europe has dramatically increased over the last year amid rising demand.
"But the ETS price is not the only factor affecting the merit curve of different fuels, their prices may rise for other reasons," he went on.
"In Europe reality has now finally caught up with ideology since climate policy has been formulated primarily by NGOs and young climate activists but not the hard scientific evidence," Schoellhammer told"This becomes particularly obvious in the case of nuclear energy, which in many respects would be a climate-friendly way of producing energy, but it is ideological concerns that caused the abandonment of nuclear energy, for example in Germany by 2022, and at the moment a U-turn...
"The real problem, however, will be the return of stagflation that becomes an ever more likely probability: German industrial production has declined by 4 percent month-on-month in August, while inflation is reaching new heights of over 4 percent.
"If things continue the way they are developing at the moment, this could well be the first step of the Green movement's ultimate decline, since the costs for switching Europe to alternative energy sources are slowly but surely exceeding the sacrifices particularly the lower classes are willing to shoulder," Schoellhammer said.Daniel Esty is a professor at Yale Law School and former commissioner at the Connecticut Department of Energy and Environmental Protection.
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