The Obama administration’s track record with taxpayer-funded, green-tech subsidies is severely flawed, and according to new documents obtained by CBS News, its failures were all too predictable. The Energy Department's $535-million loan guarantee to Solyndra is, at least publicly, its most illustrious investment blunder, as the company went bankrupt last year leaving taxpayers with a hefty bill and putting more than 1,000 employees out of work.
A failed southeast Georgia ethanol factory was sold Tuesday for pennies on the dollar after squandering tens of millions in federal and state tax dollars. Range Fuels, a bankrupt U.S. cellulosic ethanol company, sold its only factory, located in Soperton, Georgia, to LanzaTech, a biofuel company based in New Zealand.
Government climate dignitaries and the Associated Press hailed the “landmark” deal reached Sunday at the United Nations' global-warming summit in Durban, South Africa. According to environmentalist groups, however, the agreement represented a failure of the 17th Conference of the Parties (COP17) to “save” the world from supposedly “dangerous” carbon dioxide emissions.
No members of Congress or President Obama’s cabinet bothered to show up at this year’s United Nations climate summit in Durban, South Africa. Attendance at the 17th Conference of the Parties (COP17), meanwhile, was down about 70 percent from the 2009 global-warming conference. And the media said very little about the gathering.
Much of the alarmism about alleged climate change is predicated on computer models purporting to demonstrate that global surface temperatures are rising at an alarming rate and are certain to cause all manner of disaster, from droughts and frigid winters to floods and scorching summers. But how reliable are these models and their forecasts?