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.