Mainstream economists turned climate warriors use cost-of-production methods to determine the “true” social cost of carbon. They appeal to a discredited methodology falsely attributed to medieval Scholastics.
This is the first time in human history that the energy transition has been decided by politicians without allowing technology, competition, or human ingenuity to come up with a better, more flexible, and more economical alternative.
The European Union should have abandoned ideological decisions and allowed technology, competition, and industry to provide the optimal solution that delivers a competitive and secure supply of energy.
Leonard Read's famous "I, Pencil" explained the workings of the market in terms of the creation of a simple pencil. However, we should not forget that the reviled fossil fuels are involved at every turn.