http://climatenewsnetwork.net/fossil-fuels-investment-nosedive/
The Climate News Network is calling this a "revolution" in global energy; in 2015, investments in oil in gas declined at 25% and investments in renewable energy rose at 30%. Executive director of IEA, Dr. Fatih Birol, said there's never been a decline in oil and gas of this size yet. The money is slowly moving the other way and people will follow the money so hopefully it keeps moving.
Its a nice step in the right direction but hopefully it isn't a one off sort of thing and this can continue to be the case in the coming years. It is also nice to see that solar and wind are becoming much more cost competitive because that will only increase the renewable energies we use. What really struck me about the whole article though was when it said that China had 60% of their energy expenditure focused on renewable s and that may be an even greater step albeit the fact they really do need to stop burning so much coal but at least this is a step in the positive direction that could potentially lead to a no coal China in the future.
ReplyDeleteAs renewable energy becomes more popularized and profitable I believe these numbers will continue to go in the other direction. This is a great sign but must continue to happen in great incuments to meet our two year deadline.
ReplyDelete