What If the 10 Trillion USD wanted by Oil and Gas Went to Renewables?
As OilPrice.com's Nick Cunningham reports, "OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world’s energy needs." Ouch. Greenies, forever complaining about the outsize subsidies going to oil and gas instead of renewables, must be howling.
OPEC's report forecasts that we'll still be consuming 110mb/d in 2040 despite what it calls "slowing economic growth, declining population rates, and crucially, efficiency and climate change efforts to slow consumption." I find that disappointing. Couldn't efforts to "slow consumption" be accelerated?
What if that 10 Trillion were invested in renewables? Could Africa skip dirty industrialization and just build a clean grid from the get-go? Could the children of Beijing breathe clean air? I wonder what could be possible...
Sites like Go 100 Percent and The Solutions Project point out that 100% clean energy is achievable today using the following mix of green tech: residential, commercial and governemnt rooftop solar; solar PV plants; wave energy; concentrated solar plants; geothermal energy; onshore wind; hydroelectric and tidal turbines. Seriously, no more nuclear waste or poison water, how good does that sound?
So what if we spent Oil and Gas's 10 trillion on green tech instead? Has anyone done a study to see if we can go to 0mb/d by 2040? Check this collection of renewable energy studies on Clean Technica and you might start to feel optimistic...