Europe’s economy is buckling under the pressure of climate regulation. Now the European Commission has signaled it may gradually revise its targets.
The industrial math in Germany is unforgiving. Electricity prices for industry are up to 300 percent higher than in the United States. Even France, with its nuclear-backed energy mix, faces double the industrial electricity costs compared to American competitors.
The economic pain is reflected in the data. The Purchasing Managers’ Index (PMI) for the construction sector in the eurozone — an early indicator of economic sentiment — fell to 45.6 in May. The PMI for manufacturing dropped to 49.5 in June. Any figure below 50 signals contraction.
Climate change deindustrialization will bankrupt Europe — and not actually impact climate change. – Small wonder Carney wants closer ties to the EU.
