Peter Tertzakian, Financial Post: The world is not spending enough money to put fossil fuel out of business — and it probably never will
It’s time to close the spreadsheets and think differently about the world of energy.
A couple of weeks ago, the International Energy Agency (IEA) released their 176-page report titled, World Energy Investment 2019. I will spare you the read and take you to a quote, buried on page 30 that pretty much sums up what most analysts in the business already know: “Energy investment is misaligned with where the world appears to be heading…”
Energy investment is misaligned with where the world appears to be heading
IEA
The gap between what we perceive, what we aspire to, and what is reality is already wider than the Pacific Ocean. And it’s getting wider. I look at all the numbers, read all the reports — including the IEA’s most recent — and the reality is clear: Investment into renewables has plateaued at best; energy efficiency is treading water; and the proportion of primary energy sources in the world mix — coal, oil, natural gas, nuclear power, hydro and renewables — is barely changing.
Despite all the fire alarms to decarbonize and use less energy, investment dollars into these objectives hasn’t budged much in a decade.
Read more ....
WNU Editor: Bottom line. World demand for energy will continue to rise in the coming decades, and fossil fuels will be an integral part of it .... climate change or not.
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