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36,768 Views • Jan 22, 2023 • Click to toggle off description
In 2012 the government of Northern Ireland wanted to encourage businesses to adopt green energy to heat their buildings during cold Irish winters, so they set up the Renewable Heat Incentive, which would compensate businesses for using green energy.
The only problem was that the subsidy for the renewable energy was greater than it’s cost so businesses could make a profit by just turning on their heaters. This lead to some businesses just heating empty warehouses to use as much green energy as possible.
This had the unfortunate side effect of reducing the amount of green energy available to everybody else in the country, oh and it cost the government more that $800 million dollars before the scheme collapsed the entire government.
#shorts
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Edited By: Andrew Gonzales
Music Courtesy of: Epidemic Sound
Select Footage Courtesy of: Getty Images
All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind.
Views : 36,768
Genre: Education
Date of upload: Jan 22, 2023 ^^
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RYD date created : 2024-04-16T07:57:03.453512Z
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YouTube Comments - 60 Comments
Top Comments of this video!! :3
It cost the government nothing. The tax payers on the other hand....
144 |
Policies and unintended consequences is one of the first things you learn in economics
30 |
Governments are doing something that sounds nice on paper but is absolutely catastrophic in execution, and forgetting to think about the consequences is a part of life at this point. 😅
2 |
Kind of ironic. Green Energy is so cheap that you cannot subsidize it while Energy from coal needs to be subsidized to be cost efficient for Energy producers.
15 |
When you absolutely need everything fucked up overnight.... Governments... the worst track records in history
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‘Mon Ulster
Anyone else here from NI?
4 |
Yeah the government fucked up, but also screw the people who abused this system too
1 |
Stormont is a fucking mess. If something like this happened again it wouldn't even surprise me.
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Typical government management results
15 |
how do you edit videos?
2 |
Old saying " ain't nothing free!"
2 |
In Northern Ireland we use £ GBP, not Euro
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Lol you think they did that by accident
1 |
Corporations are so greedy it's incredible
32 |
Hello, I’m from the gobbment….what? No, I’m not here to help….well….I guess you can say that….I brought some Crisco.
1 |
When you fail 5th grade math!
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Seems like they set the incentive a little too high. But we need sticks in addition to carrots like this. For example, if you get caught heating empty buildings to profit off of this incentive, you should have to pay back everything you previously earned from the incentive at double the rate. This isn't a problem with green energy, it's a problem with capitalist assholes trying to exploit every opportunity for profit at the expense of societal and environmental well-being.
21 |
loooooool
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Classical Green Party L
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@ClayScarlett
1 year ago
Don't worry, no politicians were harmed during the consequences of this scandal 🤡
250 |