Ed Miliband, the UK’s current Energy Secretary, is swiftly cementing his place in history as the modern-day embodiment of King Canute.

The legendary tale of Canute, who showed his inability to command the tides to halt, serves as a potent metaphor for Miliband’s pointless zealotry.

But there is one difference that show’s Miliband to be beneath Canute. The King was deliberately showing how powerless he could be, whereas Miliband is clearly actually this delisional in his commitment to a future dominated by renewable energy sources. However, history tends to remember Canute unfairly, thinking that he actually tried to stop the tides, but now we have in the Eergy Secretary a man who actually fits the bill of the popular, mythologised conception of Canute.

And today’s stark and significant announcement from BP, signalling a monumental shift away from renewable investments and a renewed focus on the extraction of oil and gas, only serves to amplify the absurdity of Miliband’s position.

Miliband obstinately clings to his green vision, even as the harsh realities of the market and the backtracking of major energy players expose the impracticality, nay, the sheer folly, of his agenda.

His unwavering belief in the imminent demise of fossil fuels and the swift ascendance of renewables is nothing short of a dangerous fantasy, one that threatens to cripple the UK’s energy security and economic prosperity.

Miliband’s favourite line – that clinging to fossil fuel markets equates to being “stuck on the rollercoaster of prices” – now echoes hollowly in the wake of BP’s strategic pivot. It’s a theatrical performance, a “demented circus act” as I’m sure many are thinking, that willfully ignores the inherent limitations of heavily subsidised renewable energy sources.

Let’s be blunt: these sources are nowhere near capable of standing on their own two feet. They are propped up by taxpayer money, manipulated market mechanisms, and a naive faith in technologies that are, at best, decades away from widespread viability.

Fossil fuels, the “original” and most “natural” energy source, are being unfairly and unjustly demonised by Miliband and his Labour green cronies. We cannot, and must not, allow the Labour Party to steer the “Good Ship Titanic” of our economy towards the so-called “Melting Ice-berg” of so-called “green” energy.

It is time for a fundamental course correction, a return to sanity and pragmatism. It’s time for Reform UK to step forward and sweep away this wave of globalist green tech nonsense, a movement driven by utopian ideals and fuelled by misguided policies.

The time has come for Sir Keir Starmer to take decisive action and relieve Miliband of his duties. His policies are not only woefully out of step with the evolving energy landscape, but they also risk turning the UK into an international laughingstock. Miliband’s stubborn refusal to acknowledge the realities of the market is jeopardising our energy security, undermining our economic competitiveness, and alienating the very industries that are essential to powering our nation.

BP’s decision to drastically curtail its renewable energy investments, a move triggered by mounting pressure from investors desperate for a return on their capital, underscores the dire situation. The energy giant made its strategic shift crystal clear today, announcing a significant increase of approximately 20% in its oil and gas investment, reaching a staggering $10 billion (£7.9 billion) annually. Conversely, they slashed their previously planned renewables funding by over $5 billion (£3.9 billion).

This is no isolated incident. The writing has been on the wall for quite some time. Rivals like Shell and the Norwegian company Equinor have also scaled back their ambitions to invest in green energy, acknowledging the harsh economic realities of the market. Esso’s also had a reality check.

Across the Atlantic, Trump’s siren call of “drill baby drill” continues to resonate, encouraging further investment in the proven, reliable, and economically viable energy source: fossil fuels.

According to BP’s CEO, Murray Auchincloss, this is a “fundamental reset” of the firm’s strategy, with a renewed emphasis on boosting returns for shareholders. This is a clear indication that the promised land of green energy is not delivering the financial rewards that were initially anticipated.

In actual fact, it’s proving to be a financial black hole, sucking in vast sums of capital with little to no return.

A closer examination of BP’s decision reveals a compelling narrative. Since 2020, BP’s shareholders have witnessed a meagre total return, including dividends, of just 36%. In stark contrast, shareholders in rivals Shell and Exxon have reaped returns of 82% and a staggering 160%, respectively. This glaring underperformance has ignited speculation about a potential takeover bid or even a relocation of BP’s primary stock market listing to the United States, where oil and gas companies are valued more highly.

Meanwhile, the shift away from wet green dreams isn’t limited to energy giants like BP. A growing number of major automakers are slamming on the brakes on their ambitious plans for electric vehicles (EVs), reversing course and scaling back production targets. The highly-touted EV revolution is encountering significant headwinds, as consumers and businesses alike are increasingly questioning the feasibility and practicality of a fully electric future.

Mercedes-Benz, for example, has executed a sharp U-turn on its EV ambitions, delaying its target for electric cars to constitute half of its sales by a full five years, pushing it back to 2030. Volvo has also abandoned its previously stated goal of producing only fully electric cars by 2030, now anticipating that hybrid vehicles will still account for a significant portion of its sales by that date.

Industry pressures are even leading to potential mergers, with Honda and Nissan reportedly considering a possible union in response to the challenges posed by the transition to electric vehicles and increased competition. The harsh economic realities of the EV market are forcing automakers to re-evaluate their strategies and consider drastic measures to survive.

Volkswagen’s ID.4 electric crossover has suffered a significant setback, losing access to vital tax credits in the United States, a move that has undoubtedly impacted their EV sales strategy. Stellantis, the parent company of Vauxhall, is closing its van manufacturing facility in Luton, a decision driven, in part, by regulations aimed at accelerating the shift to electric vehicles. Ford is also reducing its workforce, eliminating 800 positions in the UK over the next three years, citing challenging market conditions, including a significant decline in demand for electric models. Renault’s CEO has gone on record stating that customers are not yet ready to switch to battery-powered vehicles, urging for greater flexibility in the EV transition schedule. Even Porsche, the iconic sports car manufacturer, has scaled back its ambitious target of selling 80% fully electric vehicles.

These reversals are primarily driven by a constellation of factors, including slowing demand for EVs in major markets, significant challenges in meeting national and supranational mandates, and mounting uncertainties stemming from trade tariffs on Chinese-made EVs. The utopian vision of a swift and seamless transition to a fully electric transportation system is crashing against the rocks of economic reality, technological limitations, and consumer resistance.

Despite these undeniable market realities, figures like Miliband stubbornly persist in advocating for policies that are increasingly detached from economic and technological feasibility.

They seem intent on forcing a transition that consumers and businesses are simply not ready for, potentially jeopardising our energy security and undermining our economic competitiveness in the process.

It’s time to wake up and recognise that a balanced, pragmatic, and realistic approach to energy policy is the only path to Britain thriving and not just surviving.