Time to renew

Michael McDonald, Bairnsdale VIC

In a recent column, Mungo described those who expect the imminent death of capitalism, thanks to the impact of the dreaded lurgi, as ‘utopian dreamers’. I’m inclined to agree given the enthusiastic resurgence of human greed and its attendant carpetbaggers after many major disasters throughout history.

However, there is some hope for change in the fact that the smart money is on renewables.

Charles Donovan, director of the grand-sounding Centre for Climate Finance and Investment, Imperial College Business School, notes, ‘Clean energy is not just affordable and reliable, it also offers the highest return on investment. Investors have a growing appetite to put money to work in sustainable finance. Governments need to re-write the rules so that they can.’

Mr Donovan is quoted in an Oxford University news release headed ‘Building back better: A net-zero emissions recovery’. A team of experts, including Joseph Stiglitz, and Nicholas Stern, assessed ‘the economic and climate impact of taking a green route out of the crisis’.

The economists found that ‘green projects create more jobs, deliver higher short-term returns per dollar spent, and lead to increased long-term cost savings, by comparison with traditional fiscal stimulus’. More details here.

Hopefully governments, including ours, can tear themselves loose from their fossil-fuel donors and participate in the renewal. Is that utopian dreaming?

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5 responses to “Time to renew”

  1. I’d say it’s Utopian Dreaming but seeing as how
    governments only ever need a heady smell of
    success & a dollar trail they too can invest in it
    is possible the moth will be drawn to the flame.
    Let us hope so. Usually economists do know
    their stuff.

  2. Barrow says:

    Affordable and reliable Michael !! The complete
    Opposite!! Just what are you implying?
    Downers which are one of the biggest construction
    Oil & gas , rail , solar farm builders in Australia
    They have recently pull out of the Renewable energy construction Arm why ? Because it is
    Not making the company money to build them .
    Highest return on investment absolute
    Balderdash !! Wind farms have a maximum
    Life span of ten years ! Cost a lot of money to build
    And of course imported from China, using coal
    From Australia , fossil fuels Michael!! And what of the Battery waste where is that going to Michael?
    Fact how many bird species are wiped out due to wind farms ? The smart money is in Renewables?
    Is that utopian Dreaming ? Or the “Castle”
    ” Tell him he’s Dreaming ” the latter!!
    “The Planet of the Humans”, view it Michael!!

  3. Barrow says:

    Agree to disagree!! Renewables powers 2 percent of the worlds energy needs . It is light years away to compete with base load !! Nuclear now that is a viable option ! Powers 70 percent of France .

  4. From ‘Global Stats’. In 2013 renewable energy
    accounted for 22% of the Global mix. One fifth
    (1/5) of the world now uses renewables. Fossil
    fuels not only wreck the countries that mine
    them & pollute the planet, the workers end up
    jobless. Company shares die. The damage
    done is stupidity plus & a couple of extra
    billionaires. Wealthy supportive politicians;
    take note.

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