Hi Ski,t
Theyhave so many more people.
Many of whom are crammed into small high rises in monster cities.
The polution issues are huge.
China has planned all sources of electricity, focusing on inexpensive coast to suppoert their excess manufacturing and dumping onto the world. Thus the reliance on coal.
Then all other including nuclear, renewables, and hydro.
One of the new and huge finds of NON OPEC + is Guyana. Their CNOOC is 25% partner with Chevron and XOM in the lead pole.
China has to import a lot of crude, natural gas and liquids - so they are big players in all. 2.1 billion people vs the US with 350 million?
They have their work cut out for them and do not care about the environment like we do. Although huge they are an emerging market! They act like it!
The world will attempt to throttle back the emerging markets, but what we OECD's don't understand is the emerging markets want what we take for granted . CHEAP ENERGY!
Of course they will pay a price for the pollution they create, with poor mortality rates going out into perpetuity. It will and does extend to us all!
If you know AJTJ, he has worked in China (supply lines) for years. He maintains the cost of correcting the shortcuts taken by China (in an effort to manufacture export goods at low subsidized prices) looms in the trillions. I've never been there, but he maintains the sound of birds and absence of bugs is due to the massive pollution to their ground and water.
A centralized government with incorrect untrottled powers can really create huge unintended consequences.
Excessive building, over manufactured goods being dumped, manipulated resource loans in other EM countries, all build up huge costs.
Europe is very slowly backing off their overcommitment to Renewables, and yet their electricity costs are triple ours. They need to develop their deep-sea resources as well.
The New Green Deal was a huge political scam designed to make politicians wealthy enough to ensure the developed countries were not competitive.
Fortunately, it looks like the pendulum has reversed its direction.
We have some catching up to do and get back into the nuclear lead with carbon free electricity production. It will take some time, but we need focus and apply ourselves.
XOM has made some excellent progress in carbon reduction (in locations where carbon creation is high) and transporting it back underground via pipelines.
It is perhaps one of the great unseen benefits of AI? It took out all of the false claims of renewables being superior and cheaper than natural gas.
Truly a very sad waste of capital during a time where interest rates made capital all but free.
A huge misallocation of capital!
I've followed G&R for several years now. They've been forward thinkers for many years. They also admit they have been early in their views, but with a longer time frame still approaching confirmation of their views.
Have a great Sunday and GO PACK GO at noon. LOL
Bob |
