Why it's time to follow Google, GE and Buffett on clean energy
Published June 04, 2012
Google is backing it. So is Warren Buffett, America's most-watched investor. GE, one of the world's biggest manufacturers, is too.
Each of these corporate icons is placing big bets and hundreds of millions of dollars on a future powered by wind and solar power. Apple just joined them, announcing plans to power its main U.S. data center in Maiden, North Carolina, entirely with renewable energy by the end of this year. So why -- yet again -- are pundits making dire warnings about prospects for renewable energy?
The answer is that the clean tech industry is at a critical crossroads.
On the one hand, wind and solar power are close to cost competitiveness with fossil fuels in many parts of the world -- including the southwestern United States. In recent years, the cost of wind turbines and solar panels has plummeted, fueling worldwide demand for renewables and leading to double-digit growth. The sector's mid- to long-term future is very bright. For example, the latest industry analysis by McKinsey & Co.finds that solar PV deployment could increase 50-fold between 2005 and 2020, rivaling the growth rate for natural gas.
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