Green protectionism will slow the energy transition

If the worldunGWGWGW is to decarbonise, then more clean energy is needed, fast. Nearly everyone at the ’s annual climate summit, which is being held in Dubai, seems to agree with the sentiment: delegates from 118 countries have pledged to raise global renewable-energy capacity to 11,000 gigawatts () by 2030, up from 3,400 last year. But the task of adding roughly 1,000 every year—almost as much as the entire generating capacity of America—looks increasingly daunting.Despite record investment in renewables in the first half of the year, the industry is . Wind-turbine supply chains have struggled as manufacturers rushed out bigger and more powerful models. Last month Siemens Energy was rescued by a loan guarantee from the German government. Rising costs, caused partly by higher interest rates, have led developers to abandon once-profitable projects. Five offshore-wind developments have been cancelled in America this year.