Will Germany's energy policy lead to economic failure? | Hans-Werner Sinn

Despite ambitious green goals, the country's over-reliance on Russian gas has forced it back to coal and expensive imports Say what you will about Vladimir Putin, but his war on Ukraine did open European eyes to some long-underrated truths. One is that even after more than 70 years of relative peace on the continent, neglecting military security poses grave dangers. Another is that the "green dream" of modern economies powered exclusively by renewable energies remains out of reach - and reliable access to cheap energy supplies remains essential.While the first truth became starkly apparent as soon as Russian troops crossed into Ukraine on 24 February, the second has only gradually penetrated public awareness. In fact, many have called for an embargo on European imports of Russian gas, arguing that this would not only undermine Russia's ability to wage its war, but also accelerate progress toward green Nirvana - all at minimal cost to Europe in terms of lost GDP. Continue reading...