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The Capitalists are Saving the Planet says Telegraphs’s Pritchard

The Capitalists are Saving the Planet says Telegraphs’s Pritchard

In an editorial earlier this month, The Telegraph’s Ambrose Evans-Pritchard lays out an overwhelming defense for capitalism as our green saviour. He stands up to the Extinction Rebellion bullies with cold hard evidence that speaks for itself. And, when that doesn’t do, he slips in a few choice words.

But, in our estimation, Pritchard’s most important single argument is a simple one: with only limited constraints, principled entrepreneurs–the very ones we’ve marched in front of climate tribunals–will be there to save us from future climate challenges.

Even today we have the means to abate over 85pc of man-made emissions, and tomorrow will be yet better. Thanks to our engineers, inventors, capitalists, and bankers – yes, even them – costs are plummeting along a discernible chain that runs through the 2020s and accelerates with scale.   

Data from Bloomberg New Energy Finance shows that new solar and wind already undercut new coal on pure cost without subsidy in areas holding two-thirds of the global population. By the middle of the decade they will start to undercut the marginal running costs of existing coal plants, at which point these plants will no longer be viable.

If we ignore the very real solution in our markets, he warns of grave problems:

We do not need to shut down the modern developed economy, causing mass unemployment, pauperisation, and – let us be clear – starvation.

Read the Telegraph’s full article here.

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