We’re told “clean” energy is a viable and cost effective. But cut the government subsidies, and 97 percent of investors vanish (in Australia it’s collapsed from $2.6b annually to $80m). The truth is that renewables are almost totally dependent on taxpayer largess. No wonder they lobby like their life depends on it. It does.
Peter Hannam of the SMH:
“Australia’s investment in renewable energy all but dried up in the first half of 2014 amid uncertainty fuelled by the government’s latest review of the mandatory target, according to Bloomberg New Energy Finance.
In the six months to June, just $40 million was invested in large-scale renewable energy, such as wind farms, the lowest level since the first half of 2001, according to Kobad Bhavnagri, head of BNEF’s Australian unit.
The investment tallycompared with $2.691 billion in 2013, the second largest annual inflow of funds to the clean energy sector behind the peak year of 2010.”
Elsewhere investment in renewables has slowed from its peak in 2011 but still running at $64b a quarter, or nearly $700 million every day. Spot that vested interest!
“Global clean energy investment surged to $US63.6bn in the second quarter of 2014, up 33% compared to the first quarter and 9% compared to Q2 2013, according to the latest authoritative figures from research company Bloomberg New Energy Finance”
The ABC runs free disguised advertising for the renewables sector …….To Read More….