The article explores the paradox of why fossil fuel companies are thriving financially despite the global push towards renewable energy. David Wallace-Wells discusses Brett Christophers’s book “The Price Is Wrong,” which argues that the focus on the price of renewable energy overlooks the more critical metric of expected profit. Christophers suggests that renewable energy investments yield lower returns compared to the fossil fuel industry, hindering the transition to a clean energy economy.

While the cost of renewable energy has decreased significantly in recent years, the rate of return on investments remains a crucial factor influencing decision-making. Christophers proposes public ownership of the power sector as a solution to overcome investment hurdles and accelerate the transition to clean energy.

Despite challenges, the renewable energy sector has seen substantial growth, with investments surpassing those in fossil fuels since 2016. However, state intervention through subsidies plays a significant role in driving renewable energy deployment. The article underscores the importance of ending fossil fuel subsidies and maintaining support for renewable energy initiatives to facilitate a swift transition to a sustainable energy future.

https://www.nytimes.com/2024/01/10/opinion/profits-green-energy.html