Global investment in renewable energies in the first quarter of this year plummeted a whopping 22%, falling to $40 billion, according to Bloomberg New Energy Finance here.
The consequences for many companies and their employees of course will be calamitous to say the least. So many employees had been given the false promise of green jobs. Now, as governments are realizing that green energies are enormously expensive, and man-made climate change is over-hyped, subsidies are being slashed.
On their own, renewable energies are unable to compete and investors are turning their backs.
Green investment plummets 96% in Spain
Ironically, the hardest hit country was Spain, writes gstriatum.com. In the first quarter of 2013 Spain saw almost all of its investment in renewable energies evaporate, plummeting a mind-numbing 96%. President Obama once touted Spain as a shining example of green economy success, see here and here. Clearly Obama’s energy advisers had no clue about the complete lack of viability of renewable energies and have left the President standing embarrassed.
France and Italy have also been hard hit.
Michael Liebreich, Chief of Bloomberg New Energy: “For investment in clean energy to play its role in stemming the growth in world emissions, we would need to see investment levels at least double by 2020, rather than fall.”
What Liebreich really means here is: If countries cannot even afford the current level, then doubling the investment is completely out of the question. Expect green energy to die on the vine. The boom is over.
Bloomberg blames the collapsing investment on the uncertain political conditions in key markets like USA and Germany. Clearly the two countries are thinking twice about following Spain’s footsteps.
Photo credit: Steve Fareham, licensed for reuse under the Creative Commons Attribution-ShareAlike 2.0 license.