Industrial Insight

Bad time to be investing in wind or solar, but good for Steel Foundries tied to natural gas… | January 21, 2011

Peter Foster January 20, 2011 – 10:39 pm

Shale gas supplies may last 250 years and make renewables uneconomic

Read more: http://opinion.financialpost.com/2011/01/20/peter-foster-solar-fades-as-shale-gas-flares/#ixzz1Bgt7KW71

The bearer this week of the bad news if you’re a climate bureaucrat — but good news if you’re a consumer — was the IEA’s chief economist, Fatih Birol. Dr. Birol noted sadly that shale gas was about to pull the rug from under renewables. The IEA now estimates that shale supplies — which have half the emissions of coal — could last for 250 years.

Dr. Birol suggested that the U.S. shale gas boom had already contributed to a sharp drop in U.S. renewable investment, but the wind and solar fandango was already imploding. According to Dr. Birol, “There will be strong debates between energy and climate and finance ministries round the world about whether investment should continue to support renewables when the situation on gas has so radically changed.” But while such ponderous debates take place, the market will be moving at the speed of profit-oriented thought, and catching on to the fact that aligning with renewable policies is looking dumber by the second.

Read more: http://opinion.financialpost.com/2011/01/20/peter-foster-solar-fades-as-shale-gas-flares/#ixzz1BgsvfnS8

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