Germany is planning to invest 1 trillion euros to expand its green energy transition. Prof. Hans-Werner Sinn calls the idea “a monstrous gamble with an uncertain outcome“ that harbors “a real risk of Germany gambling away its prosperity“.
German online finanztreff.de here reports on the opinion recently expressed by Prof. Hans-Werner Sinn, Director of the renowned Munich-based ifo-Institute for Economic Research, regarding Germany’s attempted move into renewable energies, primarily solar and wind power.
Currently about 25% of Germany’s energy supply is “green”.
At a conference of experts in Berlin Sinn is quoted by Dow Jones as saying that the installation of “renewable energies in Germany has already reached its limits” because there is just nowhere near enough storage capacity available to balance out the sharp and volatile supply spikes of wind and solar power.
Sinn also ridiculed the idea of using electric cars as a means to store the green energy, calling the notion a “PR gag”. He added that 159 million BMW i3 vehicle would have to be put on the streets, i.e. thus nearly tripling the number of cars currently on the streets. A preposterous solution.