President Joe Biden and the Democrats, greatly concerned about global warming climate change, have urged an all-electric future for the United States, phasing out fossil fuel usage in transportation by requiring all new vehicles sold by the year 2035 to be zero-emissions, and that electric power generation be zero-emission by the same year. In The Long-Term Strategy of the United States: Pathways to Net-Zero Greenhouse Gas Emissions by 2050, John Kerry, Special Presidential Envoy for Climate, and Gina McCarthy, National Climate Advisor, said^[1]The Long-Term Strategy of the United States: Pathways to Net-Zero Greenhouse Gas Emissions by 2050, page 5 of .pdf file.:

Electricity delivers diverse services to all sectors of the American economy. The transition to a clean electricity system has been accelerating in recent years — driven by plummeting costs for solar and wind technologies, federal and subnational policies, and consumer demand. Building on this success, the United States has set a goal of 100% clean electricity by 2035, a crucial foundation for net-zero emissions no later than 2050.

We can affordably and efficiently electrify most of the economy, from cars to buildings and industrial processes. In areas where electrification presents technology challenges — for instance aviation, shipping, and some industrial processes — we can prioritize clean fuels like carbon-free hydrogen and sustainable biofuels.

About those “plummeting costs for solar and wind technologies”? From The Wall Street Journal:

Ukraine War Drives Up Cost of Wind, Solar Power

‘Greenflation’ problems are particularly acute in U.S., where tariffs targeting China helped increase project costs, led to delays before Russian attack

By Jennifer Hiller and Katherine Blunt | Sunday, March 27, 2022 | 5:30 AM EDT

Russia’s invasion of Ukraine is further driving up the price of renewable-energy projects, which were already facing supply-chain strains and raw-materials increases before the war.

The new pressures, which are hitting two years after the pandemic created bottlenecks for wind and solar developers, are adding to delays for completing many projects.

The Biden administration and other governments around the world have called for speeding the transition to renewable-energy sources to avoid reliance on Russia for oil and gas. But project developers say it might be nearly impossible to move faster in the near term.

Wind and solar development has boomed world-wide in the past decade as a result of rapidly falling costs that made the projects more competitive with traditional sources of power generation such as natural gas and nuclear, as well as growing government pressure to reduce greenhouse-gas emissions to combat climate change.

Globally, wind and solar accounted for about 6.4% and 4% of power generation last year, respectively, up from 3.8% and 1.4% five years prior, with further sharp growth projected, according to S&P Global Commodity Insights. The cost of solar generation fell to $45 for a megawatt-hour last year, down from $381 in 2010, S&P estimated. The cost of onshore wind generation, meanwhile, fell to $48 for a megawatt-hour, down from $89 in 2010.

Sounds good so far, but trouble comes with the next paragraph:

But like many other businesses, renewable-energy projects are now being hit by soaring post-invasion prices for key materials such as aluminum and steel, as well as higher transportation costs stemming from higher oil prices, which have surged by more than 50% this year.

The rising costs are particularly acute in the U.S., where many projects were already facing increases in part because of trade tariffs targeting China, a dominant producer of solar cells and other renewable-energy components. A third of U.S. utility-scale solar capacity scheduled for completion in the fourth quarter of 2021 was delayed by at least a quarter and 13% of the projects planned to complete this year have been delayed for a year or canceled, according to a new report from Wood Mackenzie and the Solar Energy Industries Association.

Currently, the People’s Republic of China completely dominates all phases of solar panel production, producing 66% of polysilicon, 78% of all solar cells, and 72% of solar modules. More, 4% of solar cells and 1% of solar modules are produced in the Republic of China, Taiwan, which could be taken over by the People’s Republic any day.

Foreign Policy magazine noted that forced labor is used in much of China’s polysilicon production.

Back to the Journal:

U.S. projects have also faced long wait times to receive necessary approvals to connect new projects to the electric grid, as developers rush to bring wind and solar farms online to capitalize on aggressive state mandates to reduce emissions, overwhelming grid operators. Those delays are adding to uncertainty for project investors.

Since Mr Biden took office, inflation has soared; the February year-over-year inflation rate was 7.9%, while real average hourly earnings decreased by 1.9%. Americans have been getting relatively poorer, and the data for the statistics were gathered before the invasion of Ukraine.

How, exactly, are we going to pay for this huge power generation transformation, all within 13 years? We’re going to be borrowing money, from Americans, from foreigners, and from China, to send to China, and having to pay back to investors, including Chinese investors.

We could, of course, do something really radical like build solar panel and module plants in the United States, but that will take years and, let’s tell the truth here, it will mean paying American wages, probably American union wages, to American workers, rather than the much lower Chinese wages, to build the solar collection systems, making them more expensive.