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Are big oil companies a factor that is slowing down the use of renewable energy?
energy, cost effective renewable energy implementation, oil companies, short-term costs,
production, life cycle accounting, vehicle manufacturers
Big oil and coal still provide for most all of
the global energy needs. As consumers, we have been
addicted to both: oil for transportation and coal
for electric generation. For the past century, their
cost of production has remained less than the startup
costs for renewable energy.
Times have changed.
You now find several of the world's largest fossil
fuel providers are now merging, buying and developing
renewable and energy efficiency divisions.
Now, some of the largest oil and gas companies
have become leaders in the solar (Shell and BP)
and wind industries (GE). They have invested heavily
as market share grows into viable business opportunities.
In fact, the solar and wind sectors have grown at
20-30% over the past 5 years.
These firms are aware that fossil fuels are a depleting
resource, and expanding into the renewable sector
makes economic sense. When total life cycle accounting
is used (including all externalities), renewable
energy sources are more cost effective.
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