I have a new commentary up on Conservative Review that explains why Obama’s green energy pipe dream and what I call “venture socialism” can only go so far before the realities of the marketplace come home to roost.
Undeterred by the failure of his clean energy agenda, President Obama recently announced a commitment to generate 20% of U.S. electricity from non-hydro renewable energy by 2030.
The announcement was made during a White House meeting with Brazil President Dilma Rousseff where both countries agreed to form a joint Initiative on “climate change,” including Brazil matching Obama’s renewable energy goal for electricity generation.
Brazil and the U.S. will execute their climate change plans through a United States-Brazil Climate Change Working Group where the countries will cooperate on issues including clean energy and land use.
The agreement is part of a build up to the upcoming United Nations Paris Climate Change Conference in December where Obama hopes to cement his climate change legacy.
Despite the spectacular clean energy busts, including huge taxpayer losses on green energy investments and marketplace rejection of Obama’s electric car dream, the president is stubbornly driving renewable energy goals through executive branch action.
There is a good chance, however, Obama’s latest goal will also fail.