A cascade of port regulations over time will stop dirty ships from entering the world’s major trade centers, with obvious consequences. The pioneers of green fuels will be the new super-majors, displacing the cargo of crude oil imported from the Persian Gulf.
“We can generate solar energy at a flat price of three cents per kilowatt,” said Sumant Sinha, founder of India’s largest renewable company ReNew Power. “This is one-fifth of the coal-based prices that utilities have to pay today in the commercial market.
Goldman Sachs and Abu Dhabi’s giant wealth fund ADIA have taken a stake in the company. They don’t need hints from Mr. Kirk’s climate moralists. It is self-evident where this is going. Demand for electricity in India is growing at 7% a year and will not come from destructively expensive coal.
“Business is decarbonizing and we are not doing it to tick the box. If we model the price of oil at $ 200 a barrel for our business, the impact is not sustainable, “said Elizabeth Gaines, CEO of the Australian iron ore group Fortescue.
Her company is going to hell for leather on green ammonia made from solar grids in the wilderness, betting that China will switch from coal-based furnaces to pure steel much earlier than markets think or Beijing dictates.
The higher the prices of oil, gas and coal, and the longer the current energy crisis lasts, the greater the imperative to take the green leap.
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