‘$3.8 Trillion in Renewable Energy Investment Moved Fossil Fuels From 82% to 81% of Total Energy Consumption’ in 10 Years – Rising With That?
Goldman Sachs economist Jeff Currie (Head of Global Commodities Research in Global Investment Research): “Here are the stats for you, as of January this year. At the end of last year, overall, fossil fuels accounted for 81% of total energy consumption. Ten years ago, they were at 82. So all the investments in renewable energy, you’re talking about 3.8 trillion, let me repeat that $3.8 trillion in energy investments. Renewable energy has reduced fossil fuel consumption from 82 to 81%, in overall energy consumption. But you know, given recent events and what’s happened with the loss of gas and its replacement with coal, that number could be well over 82″. … Its net is clear that we haven’t made any progress. “
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Via: Marc Morano – Total climate inventory
Transcript:
CNBC’s JOE KERNEN: “OPEC is back in charge because we haven’t invested in alternatives. That’s all Europe has done, which is to invest in new-age alternatives. “
JEFF CURRIE (an economist and Head of Global Commodities Research in the Global Investment Research Division at Goldman Sachs.): “No, because we didn’t -“
KERNEN: “Are you saying natural gas, nuclear and coal are alternatives, or do you mean pie in the sky, wind -” [crosstalk]
CURRIE: “Alternative to OPEC production -“
KERNEN: “Fossil fuel alternatives for -” [crosstalk]
CURRIE: “- whether it’s gas, oil, solar, wind, you name it. But in reality -“
KERNEN: “Nuclear, coal, all — and all of the above. It sounds like you’re saying – it sounds like you’re saying we haven’t transitioned fast enough to the green field, and that’s not what – what you’re talking about – ” [crosstalk]
CURRIE: “But – but – but let – but see how much investment in trees has brought us? Here are the stats for you, as of January this year. At the end of last year, overall, fossil fuels accounted for 81% of total energy consumption. Ten years ago, they were at 82. So all the investments in renewable energy, you’re talking about 3.8 trillion, let me repeat that $3.8 trillion in energy investments. Renewable energy has reduced fossil fuel consumption from 82 to 81%, in overall energy consumption. But you know, with recent events and what’s happened with the loss of gas and its replacement with coal, that number could be over 82. So when we think about what those energies are. that’s added regeneration – because remember, you’re adding more capacity, but the power utilization factor is pretty low for them. And then you have Europe investing there, but China investing further away. Its network obviously we haven’t made any progress. And I think the key point I’m talking about is why OPEC is in the driving seat, you know, to an unprecedented degree, is because, you know, we include everyone outside. OPEC has not invested enough in overall energy production, infrastructure. and the ability to deliver and deliver it. And I don’t care – and by the way, countries like Brazil, you know, already [indecipherable] about who gets exposed because they raise rates really early in the cycle. They’re actually less exposed to what’s happening right now than Japan or Europe.”
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