‘Fossil fuels have lost. The rest of the world just doesn’t know it yet.’
Traditional energy companies and mainstream financial publications are finally waking up to the new reality: The shift to renewable energy, electric cars, and a low-carbon economy is now unstoppable.
The details of this transition are spelled out in a new, must-read, 4000-word article in the Financial Times,
“The Big Green Bang: how renewable energy became unstoppable.”
What is most remarkable about the article is that it appears in the Financial Times. The free-market oriented paper is the “most important business read” for the world’s top financial decision makers and
“the most credible publication in reporting financial and economic issues”
for global professional investors, according to surveys.
We simply don’t see articles like this in Rupert Murdoch-run Wall Street Journal or even the New York Times, which continues to misreport the clean energy revolution and just hired a columnist who spreads misinformation on climate solutions.
The business community, though, is starting to see the writing on the wall, especially in Europe. The CEO of Royal Dutch Shell, Europe’s largest company, declared in a recent speech that the transition to a low-carbon economy is not just “unstoppable.” It is a necessity that “must be embraced” if an oil company like Shell is to survive and thrive. The low-carbon future, he explained, will be built around renewable electricity and electric cars.
The Financial Times article, in fact, begins with an anecdote of a company that developed a better turbocharger for gas-powered cars. After getting some interest from big car companies last year, in January,
“Suddenly, none wanted new products for cars running on fossil fuels.”
Instead, car companies were putting their limited R&D budgets into electric cars, a seismic shift at an unprecedented speed.
Read more: Think Progress