How To Speed The New Energy Transition

How to Unlock US$100 trillion in Renewable Energy Investment Opportunities

Michael Grimm, April 5, 2018 (LinkedIn)

“…[There is a US$100 trillion investment opportunity in] transitioning the world to renewables by 2050 using one of multiple possible pathways [according to recent research. Key policy changes can] accelerate this transition…Grid stability is entirely achievable even with 100% renewable energy…[because multiple] sources of renewable energy are typically complementary and combining sources can minimize the amount of backup energy storage needed to maintain stability…Renewable energy generation and storage costs are declining rapidly, and, excluding subsidies, the cost of building and operating new renewable generation is already below even the operating costs of coal in some scenarios…[and will soon compete with] natural gas…the fossil fuel industry receives benefits amounting to US$5.3 trillion per year in subsidies, thereby making the true cost of renewables already a fraction of the true cost of fossil fuels…There are two main reasons for the [tranition’s] slower-than-necessary pace…current procurement structures…[and] the strength of the conventional power lobbies…The answer is to transition, as soon as possible, to a tender-based system with standardized risk allocation appropriate to the market…[that is] tied to achievable targets that transition each country to 100% renewable energy by 2050…[is] technology agnostic to enable developers to deploy the optimal mix of generation at each site…[provides incentives for] energy storage and grid stability…[and properly] accounts for the cost of carbon…” click here for more

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