Bloomberg: Clean Energy Investment Rises to $260 Billion, Boosted by Solar
According to Bloomberg, new spending on solar energy jumped 36 percent to $136.6 billion in 2011, outpacing the $74.9 billion put into wind power.
It will be interesting to see what happens with clean energy investment in 2012, however, as big money lines up to head in the direction of cheap natural gas, and budget hawks chop subsidies for wind and solar. In any case, we’re a million miles away from a consensus that clean energy needs to succeed, and that fossil fuels need to go.
Early today, I had the pleasure of speaking with Dr. Ted Johnson, one of the most visible forces behind the development of ocean thermal energy conversion (OTEC). “The oil and gas companies won’t stop until we’ve burned the last molecule of fossil fuels, and they’re in the pockets of every member of Congress.” “Gosh, Doc,” I replied. “You sound a lot like me!”
Great that solar investment is increasing so rapidly, and agreed that many challenges to lie ahead, but would you say that a paradigm shift to renewables is inevitable in the long term? After all, something like 80% of oil is produced in 6 countries, and 90% of natural gas reserves lie in 3 countries, right? Given that global energy demand is set to increase by 50% in the next few decades, wouldn’t market forces seem to make it futile for anyone to resist their decline in the long term?
Excellent question. Please see: http://2greenenergy.com/energy-policy-future/19354/.