For years, grid parity – the time when solar and wind would be cost-competitive with fossil fuels and nuclear – was the holy grail of renewables energy, a target to reach in a distant future. But the future is now.
While the United States are wondering what will happen next on climate change mitigation in their country, both India and China have recently unvealed very ambitious targets to fight local air pollution and global climate change.
It seems fossil fuels are starting this new year with a lot of bad news. It is not only a treehugger’s hope and dream but also an incresingly pressing reality. Let us start with reviewing coal.
Here is further proof it’s high time to divest to avoid the carbon bubble. The Daily Telegraph published this week a most interesting article on how fossil fuels – oil, coal and natural gas – are the next subprime danger of this cycle as
“ The cumulative blitz on energy exploration and production over the past six years has been $5.4 trillion, yet little has come of it. ” There are may reasons for such pessimism on these investment. the author notes among them a few :
Expensive exploration and production with little return ; potential limits to CO2 levels to 450 particles per million ; the increased competitiveness of renewables such as solar and wind…
The ongoing tensions between Ukraine and Russia is an excellent occasion for the European Union to assess its dependence from foreign fossil fuels, especially oil and natural gas from the Russian Federation.
As Kees van der Leun noted on his Twitter last week, the EU buys to Russia over half a billion euros of oil and natural gas each day. The amounts total over 200 billion euros ( $277 billion ) a year.
Here is more data : the European Union currently buys over six million barrels of oil per day to Russia, for an amount of over $600 million (430 million euros).