Clever investors have already pulled their cash out of wind and solar outfits, as projects get scrapped and turbine and panel makers lose $billions. A complete Enron-style collapse is on the cards. Companies like Shell are walking away from multi-billion-dollar projects, big players like Orsted, Vestas and Siemens Gamesa are in structural financial crisis – their shares have crashed by 30 to 60 per cent. Siemens Energy’s squealed for a $16-billion bailout, prompting BP’s head of renewable energy to say the industry was “broken”.
In those circumstances, anyone placing a nickel anywhere near an entity associated with the wind and solar scam is positively certifiable.
But being delusional with other people’s money appears to be a different story.
Australia’s government-mandated retirement savings funds – known as ‘superannuation funds’ – are piling in just as every sensible player is getting out. The industry superfunds – which are controlled by labour unions – are throwing workers’ hard-earned retirement savings at the British wind industry, which is already in freefall, as Eric Worrall outlines below.
Billions of Dollars of Aussie Retirement Funds to be Gambled on Britain’s Failing Net Zero Push
Watts Up With That?
Eric Worrall
26 November 2023
Betting retirement funds on the honesty, consistency and fiduciary skill of Nut Zero obsessed politicians – what could possibly go wrong?
Australian super fund puts billions into backing Britain’s energy transition
Business and environmental groups urge Labor to supercharge incentives to lure capital
Katharine Murphy Political editor @murpharooMon 27 Nov 2023 09.30 AEDT
The behemoth Australian fund IFM Investors will sink £10bn (A$19bn) into infrastructure and energy transition projects in Britain by 2027 as part of a new memorandum of understanding with the Sunak government.
The decision by IFM – which is owned by 17 Australian industry super funds – comes as a coalition of business and environmental groups calls on the Albanese government to supercharge tax and other financial incentives to ensure Australia can attract sufficient capital to drive the domestic transition to net zero emissions.
The MoU between IFM Investors and Britain’s minister for investment will be signed at the Global Investment Summit in London. Kemi Badenoch, the UK’s business and trade secretary, characterised the commitment from IFM as “a very important investment for the UK’s innovative energy and infrastructure sectors”.
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What is the point of lending money to a nation whose currency is in danger of crashing? To be fair, Britain has an excellent track record of repaying debt, but if they wreck their economy through gross economic mismanagement, all the good intentions in the world can’t fix that.
There are already unequivocal signs the British economy is in trouble. British energy poverty is skyrocketing. Inflation is running red hot, 4.6%+.
Inflation is the fever of the economy, frequently accompanied by political delirium – in my opinion, a fair description of British energy policy. The British government’s solution to this inflation, this unequivocal symptom of national policy trauma, is more of the same.
Britain’s national debt also exceeded 100% of GDP according to official March 2023 figures, though it dipped down to 97% last month. Of course this official figure may exclude some rather important future liabilities, possibly unfunded pension liabilities according to some analysis I’ve read, though I’m not an expert on the financial practices of the British Civil Service.
In my opinion if Britain continues down this path, it is only a matter of time until Britain does so much damage to their own economy they default on their debts, either by suspending repayments, or a technical default in the form of trying to print their way out of trouble, repaying nominal GBP debts using hastily debased currency, fulfilling their financial obligations in name only.
Watts Up With That?
STOP THESE THINGS 
We now find out with the blades desintigrating they are flying pieces of toxic resin glue over all our river catchments which flow out to the southern ocean. Doesn’t matter as long as north Fitzroy have the balance of power. Thanks again stt for all your info keeps us fighting and maybe one day the polis will see sense. Merry Xmas and enjoy the new year.
It’s become clean Energy Vegas (EV) and most players lose in this game. Thelma & Louise also lost in a similar game.