Where will we get the money from to invest in Renewable Energy?

The United Nations Environment Programme has reported on investment in “green” sectors. They believe that this would produce high growth, decoupled from intensive consumption. I doubt if we will ever decouple high growth from intensive consumption because the “green” sector simply replaces one thing we are buying with another thing, rather than turning out consumer desirables for consumption. However, tow things stand out from the report of which I was not previously specifically aware, but of which I held suspicions.

  1. Globally the UNEP believes that the generation of heat and power by fossil fuel (excluding nuclear energy) is subsidised by $600 billion a year. That subsidy dwarfs anything spent on the renewable industry by way of subsidy or incentive.
  2. Rewarding unsustainable fisheries (here the European Union is a major culprit) costs $20 billion a year. I never knew that either.

If someone asks where the money to develop renewable energy is to come from the answer is simple; reduce subsidies for fossil fuels and stop subsidising unsustainable fishing. There will be plenty of money left over and we would have solved the climate change problem.


One Response

  1. Where Will We Get The Money From To Invest In Renewable Energy…

    […]Globaly the UNEP believes that the generation of heat and power by fosil fuel (excluding nuclear energy) is subsidised[…]…

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