Investments in renewables surpass fossil fuels
These are great news, just in time for the current climate talks taking place in Durban as to a new report from Bloomberg, global investments in renewables are surpassing for the first time ever the amounts invested in fossil fuels.
As a result, last year over $187 billion (141 billion euros) were invested in renewables and only $157 billion (118 billion euros) in fossil fuels. This is only the beginning.
Indeed, solutions exist to make the transition to a clean energy economy even faster :
- Putting a price on carbon as it has been done quite successfully in the European Union would drive companies to slash their emissions. Australia is due to go in this direction next year as well ;
- Putting a price on the negative externalities would also be a great way to drive people away from polluting energy sources. Indeed, besides greenhouse gases pollutions, many others are not included in today’s prices such as water and soil pollution ;
- Removing the subsidies on the dirty industries and giving them to low-carbon energy sources instead would be a great move. To date, much more money is given to fossil fuels than to renewable energies. It is beyond time that we reverse this irresponsible trend.