What are your opinions on Brett Christophers’ claims that decarbonisation will not occur without significant government investment as the profits from renewable energy are too small compared to fossil fuels?

Christophers' basic argument, laid out in his book The Price Is Wrong and a Time article here, is that there has been too much focus on the absolute price of renewable energy, when what matters for investors is the profit. He argues that a highly competitive market and low barriers to entry mean that the rate of return for renewable projects is low at 5-8%, far lower than the rate of return of fossil fuel projects and making them dependent on state subsidies. Therefore, in his opinion, only heavy state control can build renewables to the extent necessary, and he argues that it is this state control which has produced the remarkable growth in renewable energy production in China.