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Author Topic: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!  (Read 11260 times)

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    • Renwable Revolution
Fossil Fuels Just Lost the Race Against Renewables    

This is the beginning of the end. 

Tom Randall, Bloomberg
April 15, 2015 | 2 Comments

The race for renewable energy has passed a turning point. The world is now adding more capacity for renewable power each year than coal, natural gas, and oil combined. And there's no going back.

The shift occurred in 2013, when the world added 143 gigawatts of renewable electricity capacity, compared with 141 gigawatts in new plants that burn fossil fuels, according to an analysis presented Tuesday at the Bloomberg New Energy Finance annual summit in New York. The shift will continue to accelerate, and by 2030 more than four times as much renewable capacity will be added.

"The electricity system is shifting to clean,'' Michael Liebreich, founder of BNEF, said in his keynote address. "Despite the change in oil and gas prices there is going to be a substantial buildout of renewable energy that is likely to be an order of magnitude larger than the buildout of coal and gas."

The Beginning of the End

Power generation capacity additions (GW). Credit: Bloomberg New Energy Finance.

The price of wind and solar power continues to plummet, and is now on par or cheaper than grid electricity in many areas of the world. Solar, the newest major source of energy in the mix, makes up less than 1 percent of the electricity market today but will be the world’s biggest single source by 2050, according to the International Energy Agency.

The question is no longer if the world will transition to cleaner energy, but how long it will take. In the chart below, BNEF forecasts the billions of dollars that need to be invested each year in order to avoid the most severe consequences of climate change, represented by a benchmark increase of more than 2 degrees Celsius.

The blue lines are what's needed, in billions; the red lines show what's actually being spent. Since the financial crisis, funding has fallen well short of the target, according to BNEF.

Investment Needed to Minimize Climate Change

Credit: Bloomberg New Energy Finance.

Copyright 2015 Bloomberg

Brian Donovan

April 15, 2015
Solar is doubling every 2 years. It's far cheaper than fossils or nuclear even when it's life is incorrectly stated as 20 years instead of the 30+ years expected. Even the warranties are 25 years or more. at 1% of our electrical now, and doubling every 2 years, it will be over 100% of electrical demand in 14 years. That's 2029, not 2050.

Offshore wind can also double every 2 years is we stop propping up fossils and nuclear and put that into wind, solar, wastefuels and ecars instead.

A fossils tax/fine is a logical, fossils pollute.

But just stopping the gov breaks would do.

William Freimuth

April 15, 2015
Checkout James Hansen's 'Golden Opportunity' and compare it with Charles Krauthammer's "Tax gas - a lot". This is the best way to put a Price on Carbon (pollution). It would transform the world's fossil fuel addiction and create millions of jobs leading to the well-being of people and the Planet.



We can still avoid cataclysmic climate change, keeping global warming much less than 2°C.  However, we need a nation or state that will showcase an across-the-board rising carbon fee.  The public, including conservatives, will accept a simple, honest carbon fee if all of the money is distributed to the public, not one dime to make the government bigger and more intrusive.

Golden Opportunity.

Current low oil and gas prices present a golden opportunity to solve the climate problem.

Today we could jump-start a carbon fee at a large rate, say $100 per ton of CO2, collected from fossil fuel companies on the first sale at domestic mines and ports-of-entry.  This initial fee generates more than $600B per year in the U.S., which should be 100% distributed electronically (to bank accounts or debit cards) to all legal residents.      With half a share for children up to two per family, a family of four or more would receive about $6000/year.  Subsequent increase of the carbon fee would be slow, e.g., $10/ton per year, to allow people and entrepreneurs time to make changes and investments, as we move toward carbon-free energies and energy efficiency.

$100/ton would increase the price of gasoline at the pump about $1/gallon.  However, such a price rise will occur in the near future anyhow.  It is only a matter of whose pocket the added money will go into: the fossil fuel industry’s pocket or the public’s pocket.

The ultimate price at the pump will be similar in carbon-fee and no-carbon-fee cases.  In the carbon-fee case, fuel demand falls over time as fuel use declines, in the U.S. by more than 30% in 10 years and 50% in 20 years.  Thus conventional fossil fuels will suffice to carry us beyond fossil fuels. Expensive unconventional fossil fuels such as tar sands and deep Arctic oil would mostly be left in the ground, regardless of pipelines.

Technology development is crucial to move us to a clean energy future, but it will be rapid only if there is a carbon fee that entrepreneurs and business people can count on to continue to rise. Government R&D was once a prime driver of technology progress, but not today. >:(

I speak from experience and understanding of how government bureaucracy has grown and now slows technical progress in even the most “can do” of agencies.  Yes, it is worth reforming present agencies, but primarily so they can facilitate progress in private enterprise, rather than impede it.


Agelbert NOTE: I KNOW where a LOT OF MONEY is, that is being misspent on fossil fuel exploration, that could be used for Renewable Energy instead  ;D.

This affront to common decency and the scientific evidence of the deleterious effects of burning fossil fuels must stop. That money spent is actually deducted from corporate taxes, adding insult to biosphere injury.

ADD that exploration money to the fund Hansen's Golden Opportunity fund wants for distribution directly to we-the-people and we solve this problem of conscience free polluters even quicker! And make it illegal to deduct what they have spent on exploration as well as disallow any tax deduction for previous exploration too!


Light is sown for the righteous, and gladness for the upright in heart. Ps. 97:11


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