Transition to renewables

Fossil fuels are a hard habit to break… especially after a century of exploitation. The transition to renewable energy will take time, but the transition is well under way. A key benefit of this transition is how renewables will stabilise energy bills. In Germany, electricity bills haven’t risen since 2008, and electricity prices are falling because solar and wind have diluted the impact of peak energy pricing. In the future, those economies that have invested in technologies that produce free electricity will have a significant competitive advantage compared with those that are still reliant on fossil fuels. This will require subsidised investment for a while in order to achieve scale. After a century, fossil fuels are still subsidised to the tune of over $400 billion. With appropriate investment now, the solar industry believes it can become self-reliant this decade.

 

Courtesy: Linda Nakanishi

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