Economy

Can The World Economy Survive Without Fossil Fuels?

Read more at www.forbes.com

The Biden administration wants to phase out fossil fuels. This segment of What’s Ahead explains why, given the current state of technology, such a policy is utterly and destructively impractical. 

The arctic weather hammering parts of the country should be a cold slap of reality. Eighty per cent of our energy comes from natural gas, oil and coal. We need all of our current energy sources.

Here’s one example why a no-fossil-fuel approach is absolutely unrealistic. A natural gas turbine the size of a typical residential house can supply electricity for 75,000 homes. To create a similar amount of juice from wind requires 20 turbines, each the size of the Washington monument, and occupying 10 square miles of land. To build such a wind farm requires 30,000 tons of iron ore, 50,000 tons of concrete and 900 tons of nonrecyclable plastics for the huge blades.

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Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.

Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,

Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.

Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.

Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.

Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).

Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.

In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.

Read more at www.forbes.com

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