Opinion: Energy, EVs, Environment and the Economy.

According to an article in 'The Diplomat' (2nd Oct 23), the Sri Lankan government has committed to supplying 70% of its domestic electricity with renewable energy sources by 2030, with the longer-term goal of achieving a fully renewable electricity supply by 2050. The government is incentivized by 'debt-for-renewables swap', which enables heavily indebted countries to restructure a portion of their external debt onto more favorable terms in exchange for environmental commitments.

In addition, a strong push is observed for fully electric vehicles (EVs) with incentives on offer.

In general, the public opinion on these environmental developments is likely to be positive. On a global level, the environment is a hot topic, with climate change, carbon dioxide emissions, EVs, and sustainable growth occupying the minds of many policy makers.

It is now widely accepted that fossil fuels (oil, coal and natural gas) negatively impact the environment by causing climate change through carbon dioxide emissions.

For these reasons, renewable energies and achieving 'net zero emissions' through EVs are considered to be a top priority. This is prescribed to happen even at the expense of economic growth, which is deemed to be detrimental to Earth's resources.

However, some research on this topic shows that the situation is more nuanced than what may first seem apparent. The author presents some arguments for the reader's consideration. The author references material from the books 'Fossil Future' (2022) by Alex Epstein and 'In Defense of Capitalism' (2023) by Rainer Zitelmann. The reader is encouraged to refer to these books for more details.

Fossil fuels

In 'Fossil Future' Epstein notes that cheap and reliable energy is needed to keep people warm when it is too cold, and cool when it is too warm. It is used to build shelter, transport food and resources, for manufacturing and many other applications essential for human flourishing.

Fossil fuels are a cheap and reliable energy source and have been a major reason for the rapid development of economies around the world. As a direct result of fossil fuels large human populations have been saved from tremendous hardship, starvation and poverty.

Epstein points out that much of the present day narrative on fossil fuels overly focuses on the negatives while ignoring the tremendous positives. Despite the efforts at improving renewable energy technologies, mainly solar and wind, they are still at present no substitute...