U.S. Energy Secretary Calls Global Climate Spending the ‘Greatest Malinvestment in Human History’

Chris Wright says trillions spent on wind and solar have produced little energy and higher electricity bills

U.S. Energy Secretary Chris Wright has made one of his sharpest attacks yet on global climate spending, calling the energy transition the “greatest malinvestment in human history.”

Wright argued that roughly $10 trillion in global investment has delivered only 2.6 percent of world energy from wind and solar, while electricity prices have gone up, not down.

Who Is Saying This and Why It Matters

Wright is the 17th U.S. Secretary of Energy, confirmed under the Trump administration in early 2025. Before taking the role, he served as CEO of Liberty Energy, an oil and gas company known for shale production.

His comments reflect the administration’s broader energy direction. Since taking office, the Department of Energy has canceled more than $11 billion in grants, rolled back energy efficiency rules, and issued emergency orders to keep coal plants running.

Wright’s statements are not just political talking points. They are actively shaping federal budget decisions, including proposals to cut $15 billion from clean energy programs.

The Numbers Behind His Claim

Wright’s argument rests on a straightforward comparison. Wind and solar together account for only about 1.2 percent of global primary energy consumption, despite years of aggressive investment.

He says that outcome, measured against the scale of spending, shows the money was poorly allocated. He also points to rising electricity prices as evidence the strategy has failed consumers.

Average U.S. retail electricity rates have risen more than 5 percent in the past year, with some estimates putting the increase closer to 7 percent, well above the rate of inflation.

What the Data Shows About Prices

However, research does not clearly support the link between renewable energy and higher electricity costs.

States that added the most renewable energy between 2019 and 2024, including Iowa, New Mexico, and South Dakota, actually saw some of the largest decreases in electricity rates.

States more dependent on natural gas saw bigger price increases, especially during 2022 and 2023, when global gas prices spiked following the war in Ukraine.

Grid maintenance costs, extreme weather damage, and transmission bottlenecks are also identified as major drivers of rising bills, not wind and solar buildout, as shown in NOAA data on billion-dollar weather and climate disasters.

Renewable Costs Have Fallen Sharply

One key fact missing from the malinvestment framing is how dramatically the cost of renewable technology has dropped.

Solar power costs have fallen 97 percent between 2010 and 2025. In 2025, solar is the cheapest source of electricity globally at $39 per megawatt-hour, compared to $102 for natural gas and $258 for conventional nuclear.

A $14 billion taxpayer investment in renewable energy research by the Department of Energy generated more than $624 billion in net economic benefits, a return ratio of roughly 44 to 1.

The Climate Cost of Doing Nothing

Wright’s framing also sets aside the economic cost of inaction.

U.S. carbon emissions have caused an estimated $10 trillion in global economic damage since 1990, according to one published study. Countries including India and Brazil absorbed hundreds of billions in losses tied to those emissions.

Broader economic modeling suggests that if global temperatures rise 3 degrees Celsius by 2100, cumulative global economic output could fall by 15 to 34 percent. Spending 1 to 2 percent of economic output on climate action could limit that damage significantly, a concern highlighted in a Congressional Budget Office report on economic risks of climate change.

What Comes Next

Renewable energy deployment continues to grow regardless of the political debate in Washington. In 2025, renewables made up 49 percent of global installed power capacity, with solar accounting for the majority of new additions.

Global clean energy investment reached a record $2.3 trillion in 2025. Even in the United States, investment rose 3.5 percent to $378 billion, despite the current administration’s efforts to slow the transition.

Long-term forecasts project wind and solar will supply between 40 and 72 percent of world electricity by 2050, driven more by falling costs than by government policy.

References

• Energy Secretary Wright’s statements on renewable energy investment
• Data-driven look at rising U.S. electricity costs and policy solutions
• U.S. climate damage estimated at $10 trillion