“Over the past week alone, the previously fast-growing renewable energy sector has seen Shell decide to stop building wind and solar schemes worldwide, the wave company Pelamis hit by technical and financial troubles, and EDF Energy warn that UK renewables targets would not be realised and should be scaled back to achievable levels.”
The problem is that “achievable levels” doesn’t do shit.
“David MacKay, a Cambridge University professor and author of a new book, Sustainable Energy – Without the Hot Air, also agrees. “It may well be that renewables has been overhyped and there is a backlash against it … There is a big, big problem compared with a year ago. I know a number of people who are unable to get investment for the kind of new technology we need for a low-carbon future.””
The article speaks primarily to the U.K. market, however its not a lot different elsewhere in the world. Through stimulus moneys the U.S. is attempting to incentivize wind and other renewable energy development. With scant private investment capital around, the US government is creating billions of stimulus dollars or offering production tax credits and rebates to renewable energy project developers. This could temporarily take some of the edge off, but will hardly generate a gold rush.
As was often speculated by the old CFN gang these measures for balancing out fossil fuel dependance with renewables (sans the necessary lifestyle changes, etc. etc.) would fall short in a broken world, massively strapped in debt and a thousand other obligations. Too little to late. Decades of denial and squandered opportunity. Playing catch-up is hell. The road to hell is paved with good intentions. All the messengers were shot long ago. How many ways can you say ‘told you so’. So this is what it looks like from behind the 8-ball. Blah.