About the Post

Author Information

Green Energy Unicorns

Everywhere it has been tried, green energy is costly, unreliable & financially unsustainable over the long term. Here’s a reading list for those still in doubt.

No Frakking Consensus — May 30, 2013

I’ve recently been writing about the fossil fuel divestment movement which, according to some accounts, is “sweeping” US college campuses. In the opinion of the idealistic young activists involved in this movement, fossil fuels are passé.

“It’s time for a new age of renewables” they declare. College endowment funds should invest in “renewable energies” instead.

Why do we hold on so firmly to green fantasies? Why won’t we admit that currently available renewable energy sources don’t measure up?

This past March, the chief investment officer for California’s state pension plan called investments in clean technology “a noble way to lose money.” It’s possible, he acknowledged, that some of these investments might turn out to be profitable on a timescale of a decade or more. But his experience so far is that investing in clean tech is fraught with problems.

He isn’t alone in this view. Last fall, a Forbes journalist wrote about the “green tech meltdown” and quoted venture capitalist Vinod Khosla:

Environmentalists did a great job identifying the problems but they have done a real disservice to the community in proposing solutions, whether its algae or hydrogen cars – I could go through a laundry list. Most of the solutions proposed are so hypothetical that they don’t make economic sense. [bold added]

Khosla still invests in clean tech, but says one of his rules is that, if a technology can’t survive without taxpayer subsidies five years after it launches, he won’t risk his own funds on it (here in Ontario, Canada, we’ve been committed by our government to paying hundreds of millions annually in subsidies to wind and solar companies for the next 20 years).  Continue reading, here…..

Tags: ,

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: