Why are energy prices high? The world spent as much in renewables as producing oil and gas, but with renewables you don't get the energy when you need it, so you have to overbuild capacity, so the money doesn't go as far.
Bloomberg (1/26/23) reports: "For the first time, the world invested as much money into replacing fossil fuels as it spent on producing oil, gas and coal, according to an analysis from BloombergNEF. Global investments in the clean energy transition hit $1.1 trillion in 2022, roughly equal to the amount invested in fossil fuel production, the research firm said in its “Energy Transition Investment Trends 2023” report. Never before has the amount spent on switching to renewable power, electric cars and new energy sources like hydrogen topped $1 trillion."
|
|
|
|
|
|
"The White House isn't happy about the record buyback. President Joe Biden wants more oil production (if that's the case, perhaps he should invite the CEOs of America's top oil companies to the White House and tell them that publicly, face to face)."
– Javier Blas,
Bloomberg
|
|
|
|
|
|
