Filed under: News
Jan 22 2014, 3:33am CST | by Forbes
Shale gas has largely undercut the case for scaling up investments in renewable energy – at least in the near-term. In my view, this was the only meaningful claim that 60 Minutes made about cleantech.
Indeed, natural gas prices were so low in 2012 that it displaced coal as the fuel of choice for electric power generators and pushed U.S. carbon emissions to their lowest level since 1994, according to the U.S. Energy Information Administration.
The segment did not say that the federal stimulus investment in cleantech was a complete failure.
“The stimulus investment wasn’t a total bust,” said Lesley Stahl. “It helped create the successful electric car company, Tesla. A few other companies are starting to show promise and loans are being repaid.”
The industry’s knee-jerk response to 60 Minutes is more troubling to me than anything said in the segment.
Does the cleantech industry appreciate how significantly shale gas has altered the energy landscape?
If Vinod Khosla’s response to 60 Minutes is any indication, it does not.
“At scale, new technologies must compete with conventional fossil fuels on both price and performance – in the U.S., as well as in India and China,” said Khosla, in an open letter sent to 60 Minutes.
“Unconventional” oil and gas resources are setting the bar on price and performance for renewable energy.
A bonafide energy boom has begun in America and it is spawned a slate of new risks and opportunities. Over the next 20 years, the wealth created capturing these opportunities will make the stimulus investment in cleantech seem like chump change.
Cleantech needs to adapt or die.
Based on the industry’s knee-jerk response to 60 Minutes, the latter outcome seems more likely than the former.
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.
blog comments powered by Disqus
The “geek mind” is concerned with more than just the latest iPhone rumors, or which company will win the gaming console wars. I4U is concerned with more than just the latest photo shoot or other celebrity gossip.
The “geek mind” is concerned with life, in all its different forms and facets. The geek mind wants to know about societal and financial issues, both abroad and at home. If a Fortune 500 decides to raise their minimum wage, or any high priority news, the geek mind wants to know. The geek mind wants to know the top teams in the National Football League, or who’s likely to win the NBA Finals this coming year. The geek mind wants to know who the hottest new models are, or whether the newest blockbuster movie is worth seeing. The geek mind wants to know. The geek mind wants—needs—knowledge.
Read more about The Geek Mind.
News | Technology | Person Career | Quotation | IPO | Car | Company | Digital | Gas | Power | Tiny | image | text | Electric | letter | images | Industry | Against | trends | with | daily news | Files | remove | Administration | Open Letter | Change | Over | Investors | Create | Former | Starting | Hit | Open | Crash | save | Choice | Show | Number | Not | created | Value | Sites | Job | Other | Title | Like | GIF | said | January | Risks | Are | Received | Successful | Upload | Past | Two | Die | Before | Critical | Being | Prices | Appeared | Made | Cleantech Finland