The Ever-Accelerating Migration to Renewable Energy

English poet Alexander Pope was born this day in 1688, who left us with this: Be not the first by whom the new are tried, Nor yet the last to lay the old aside.

That’s something to think about in terms of the migration to renewables.  Michael Eckhart, ex-president of the American Council on Renewable Energy and current Managing Director and Global Head of Environmental Finance and Sustainability at Citigroup put this into perspective at a recent conference.  He believes that we’re 40 years into a 100-year process and that, as we make a greater impact each year, we’re getting push-back from the incumbents, which would be expected in any business arena that faces disruptive technology.  

His employer, Citigroup, with its 220,000 employees and operations in 160 countries, seems undaunted by the blow-back from Big Oil, and is betting that renewable energy will emerge victorious, even considering the brutal ongoing attacks that are being waged against it.  The amount of the bet: $100 billion.

From this article in Forbes:

Citigroup has set aside $100 billion to fund environmental projects over the next decade, doubling the amount it had earmarked for such projects in 2007.

The investment in renewable energy and energy efficiency projects is meant to help reduce the effects of climate change.

The bank said that it would focus on financing greenhouse gas reductions and resource efficiency in other sectors, such as sustainable transportation. Citigroup  also intends to finance initiatives focused on clean water and waste management, as well as green housing.