this post was submitted on 06 Jun 2026
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That's only the case because it was the cheapest option available for a while. Oil execs noticed the trend and got cold feet, now a lot of governments are cutting back subsidies for renewables and actively hinder new projects being build. Here in germany we have investors abandoning half build solar parks cause they aren't profitable anymore. At the same time we allow oil companies to bid for gigantic offshore projects just so they can say that they have no interest in actually building it after they won.
With the ozon hole you could see the world working together to fix it despite it beeing somewhat less profitable. With renewables you can see governments actively working against the movement despite it being the best in terms of environment and profits combined.
Solar is easily the cheapest energy and its getting cheaper every year. Repairing a coal power plant is not as attractive as a much cheaper to run biofuel plant. Etc.
Without knowing the specifics, I doubt profitability was the issue. Once a solar panel is installed it is pure profit with minimal maintenance. Companies get in trouble when they commit way more to a project than they can raise in investments. It seems more likely that is what happened.
Lastly your looking at a few countries that are pushing back with what amounts to theater (Germany is 56% renewable energy). Meanwhile the largest producer of energy in the world, China, is staying committed to converting to renewables and s also 56% of the way there.