Decommissioned nuclear power plants and massive investments in so-called green projects that then crash or, at best, deliver far less than initially promised. Europe’s climate policy has not worked particularly well. This is the conclusion of a trio of experts in a joint opinion piece.

In March last year, Northvolt could no longer keep up appearances and the house of cards collapsed, and this week it was reported that Stegra needs twice as many billions as previously thought to stay afloat. This week, the President of the EU Commission, Ursula von der Leyen, also sided with the German Chancellor Friedrich Merz, stating that the closure of nuclear power was a mistake.

Magnus Henrekson, professor and senior researcher at the Research Institute of Industrial Economics (IFN), Christian Sandström, associate professor at Chalmers and affiliated with Linnaeus University, and Mikael Stenkula, associate professor and researcher at IFN, have co-authored the book “A Green Entrepreneurial State? Exploring the Pitfalls of Green Deals,” in which they point to increasingly politicized capital allocation, groupthink, cronyism, and a lack of requisite industrial competence as factors behind the situation.

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Even with the increasingly weather-dependent electricity production, problems such as rising electricity prices and weakened industrial competitiveness are being observed.

In an opinion piece, they simultaneously state that the damage is done and that it will take decades and enormous resources to repair it.

A large part of these problems can be linked to the Union’s Green Deal and the energy policy conducted in the name of climate. At the same time, only around 6 percent of carbon dioxide emissions occur in the EU. As long as neither China, the USA nor India commit as strongly as the EU to the goal of climate neutrality, the EU’s attempts to take the lead on its own risk causing large-scale industrial suicide.

According to the trio, costly measures with marginal effect from a :censored:6:cdd6bbaa89: perspective instead risk leading to the ambition of pursuing fossil-free targets being voted down in democratic elections, which they say is what happened with Trump in the USA.

The path to fossil freedom is predicted to require extensive resources and is best carried out through gradual reforms based on the evolutionary dynamics of the market economy, not through large targeted investments.

READ ALSO: EU: Closure of nuclear power was a mistake