Political, business and security leaders gather in Davos next week under the mantra of “rebuilding trust.” Key topics include security cooperation, artificial intelligence, energy security and job growth “for a New Era.” Undoubtedly there will also be calls to phase out fossil fuels and aspirations for a hydrogen-based green economy. Amid this grand planning for the industries of 2050, leaders likely will pay little attention to how government pressure to reach this utopian vision is destroying the industries that made Europe the envy of the world.
Over the past two years, dozens of energy-intensive manufacturers of our most basic materials—chemicals, steel, ceramics, glass and fertilizers—have ceased or slowed production in Europe. As the leader of a U.S.-headquartered chemical company that once had more than 50% of its revenue and employees in Europe, I have witnessed this devolution firsthand.
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