Regardless where you stand on the wisdom or economic feasibility of “green energy” history has taught us to beware government picking winners and losers and assuming that pouring money into an industry or technique is the path to growth.
With that in mind, news that a new group in Ohio is seeking a constitutional amendment that would have the state issue over a billion dollars in bonds to go to trendy green energy sources should throw up red flags (by the way, that is over a billion dollars – yes, billon with a “B” – a year for 10 years).
From the Columbus Dispatch,
“A group called Yes for Ohio’s Energy Future submitted a petition with the signatures of 3,330 voters to Attorney General Mike DeWine on Friday. A minimum of 1,000 valid signatures is required for approval of ballot language.
The proposal was filed by Columbus attorney Donald J. McTigue on behalf of a group of four central Ohio residents. It asks Ohioans to approve issuing $1.3 billion in bonds beginning next year and running through 2023 for the purpose of funding infrastructure, research and development of “clean-energy initiatives.”
Those could include solar, wind, biomass, battery technology and geothermal facilities, according to the proposal submitted to DeWine’s office. It would earmark $65 million for the Ohio Energy Initiative Commission.”
See the petition for yourself here.
This is the typical failed industrial policy mindset that has failed so much in the past (see Solyndra, Beacon Power Corp).