The key to decarbonizing our economy will be developing cheap alternatives that can cost-effectively replace fossil fuels. There simply is no substitute for making clean energy cheap
New electricity generation from the wind, sun, waves and biomass drew $187 billion in 2010 compared with $157 billion for added capacity from natural gas, oil and coal, according to Bloomberg New Energy Finance, the first time investment in renewables has exceeded that of fossil fuels.
We have subsidized oil companies for a century. That’s long enough,” Obama said. “It’s time to end the taxpayer giveaways to an industry that’s rarely been more profitable, and double-down on a clean energy industry that’s never been more promising. Pass clean energy tax credits and create these jobs.
Since 1990, the energy service industry has provided $50 billion in energy savings, $25 billion in public infrastructure improvements and created roughly 330,000 jobs.
The updated 2010 finding of over $2 trillion puts global investors and countries on track to reach $10 trillion in investments by 2020.
As James Fletcher, former NASA Administrator told our Technology Assessment Advisory Council in 1976, if all of these subsidies over past decades had instead gone toward solar, wind, all renewables and efficient energy, the US economy would have been 100% powered by these renewable sources by the mid-1970s.