The Energy Election

New Geography reports:

Climate activists such as hedge fund billionaire Tom Steyer increasingly couch their policies on theological grounds, one reason why the pope’s intervention was so timely. Stark self-interest is also at work. Many of the Silicon Valley and Wall Street supporters of green policies have been among those most anxious to capitalize on big oil’s demise.

This includes cash-rich firms such as Apple, as well as many high-tech financiers and venture capitalists. Some of the biggest new fortunes, notably that of Elon Musk, are largely the creatures of subsidies. Neither SolarCity nor Tesla would be so attractive—and might even not exist—without generous handouts from taxpayers.

In contrast to traditional manufacturers, capitalists like Musk have a well-developed interest in taking advantage of the most draconian energy legislation. Other tech figures, including top executives at Google, have benefited from government-subsidized renewable energy schemes, including a remarkably inefficient and expensive solar project that has obliterated a huge part of the Mojave Desert.

No surprise, then, that the crony capitalists of Silicon Valley and their Wall Street financiers have emerged as primary funders of the green left. Much like the oil firms that help finance Republicans, particularly those who are climate change skeptics, the new oligarchs have solid business reasons to embrace the pontiff’s environmental dogma, though they seem unlikely to follow his admonitions to eschew corporate greed.

An article well worth your time.