From CNBC Squawk Box Tweet:.
“Economist Jeff Currie of Goldman Sachs (Global Head of Commodities Research in the Global Investment Research Division): “Here’s a stat for you, as of January of this year. At the end of last year, overall, fossil fuels represented 81 percent of overall energy consumption. Ten years ago, they were at 82. So though, all of that investment in renewables, you’re talking about 3.8 trillion, let me repeat that $3.8 trillion of investment in renewables moved fossil fuel consumption from 82 to 81 percent, of the overall energy consumption. But you know, given the recent events and what’s happened with the loss of gas and replacing it with coal, that number is likely above 82.” … The net of it is clearly we haven’t made any progress.”
It is hard to get your head around the fact that $3.8 trillion has been spent with so little results. A lot of that money has been going to Crony Capitalists through subsidies and tax forgiveness.
That they have not made any progress replacing fossil fuels is understandable and that it is unlikely that wind and solar ever will. Their lack of dispatchability will forever prevent wind and solar from being the main source of power. Long term, nuclear power will have to be the main source of power with wind and solar playing second fiddle.
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