- the failure of the interface between capitalism and public need Archived Message
Posted by John Monro
on November 1, 2023, 3:58 pm
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https://www.theguardian.com/environment/2023/nov/01/rsted-cancels-two-us-offshore-windfarm-projects-at-33bn-cost Much in the news is the increasing number of large offshore wind power installations being cancelled, and the even greater likelihood that planned installations will now now proceed. This is due to increasing costs of finance (interest rates) inflation of labour and raw material costs and serious bottlenecks in material supply. But none of these problems should mean that we cannot proceed with de-carbonising our energy systems, but that the costs must increase. Capitalism cannot deal with this, because there is nothing in any capitalist philosophy that can weigh present or predicted costs against future no- tangible or non-productive benefits. Only governments / societies can do this. But the way these projects are planned and costed, there is no flexibility to renegotiate these contracts, and private businesses have to withdraw, or go bankrupt. We don't have the luxury of failure in this matter - our global warming crisis is getting out of hand and the climate is running away from our fast diminishing ability to deal with it. The only solution is that governments must step in and renegotiate the terms of such contracts and installations. Society will end up paying the price, but the ultimate price of not doing so is our very existence. |
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