The Green Energy Initiative That Bankrupted A Government - How Money Works #shorts

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This renewable energy plan backfired spectacularly!

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.

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Edited By: Andrew Gonzales

Music Courtesy of: Epidemic Sound

Select Footage Courtesy of: Getty Images

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