βNow, we see excess capacity building in new industries like solar, EVs, and lithium-ion batteries,β Ms. Yellen said during a visit to a solar module plant in Georgia that was shut down due to cheap Chinese imports.
βWe have raised overcapacity in previous discussions with China, and I plan to make it a key issue in discussions during my next trip there,β she said. βI will press my Chinese counterparts to take necessary steps to address this issue.β
According to a renewable energy forecast report published by the International Energy Agency (IEA) in January, China nearly doubled solar panel manufacturing capabilities in 2023, creating what the agency called a βglobal supply gut,β while reducing its solar module prices by almost 50 percent.
Okay, let's do a little thought experiment here. Imagine you truly believe that man made climate change is the biggest existential threat facing the planet, and that the solution to that threat is huge amounts of solar panels powering the electric grid. Imagine you find out China just doubled its solar panel manufacturing capacity in a single year and cut prices almost in half. How do you respond?
Then imagine you don't believe climate change is a serious threat to the planet at all, but if you convince everyone it is, the government will print billions of dollars to subsidize solar panels, your cronies will start companies to manufacture those panels, they'll collect the newly printed money, and they'll reward you with some fat kickbacks. Then imagine you find out China just doubled its solar panel manufacturing capacity in a single year and cut prices almost in half. How do you respond?
Do I need to say more? Could anything be more obvious?
Source here:
ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
