$10 trillion for 4% renewables

[Leap1]

@pauleckler

What is the replacement value of the global oil industry?

Are you asking for the flat out lying to stop?

Sins of omission

[Leap1]

@DrBob2

Global annual gas & oil capex is about $800 billion a year. Investments in renewables are about $1.3 trillion, so a bit more but the same order of magnitude.

These numbers might be way off. The oil and gas infrastructure is mostly already in place. Those amortization and depreciation costs are not necessarily counted. The newer renewable industry needs to build more infrastructure. The deflationary nature of renewable energy is not counted. The inflationary nature of fossil fuels is not counted at POS.

[DrBob2]

@DrBob2

Ministers [in Scotland] have missed eight of the last 12 annual targets and have been told that reaching the 75% milestone by the end of the decade is unachievable…

Government defeated in High Court over climate plans

The government has been defeated in court - for a second time - for not doing enough to meet its targets for cutting greenhouse gas emissions.

Environmental campaigners argued that the energy minister signed off the government’s climate plan without evidence it could be achieved.

The High Court ruled on Friday that the government will now be required to redraft the plan again. In response the government defended its record on climate action.

DB2

[jaagu]

@DrBob2

Global annual gas & oil capex is about $800 billion a year. Investments in renewables are about $1.3 trillion, so a bit more but the same order of magnitude. However, one supports 80% of the world’s energy needs and the other only 4% (20x difference).

I think you are confused between clean energy and renewable energy. You stated that $1.3 trillion capex for renewables! The IEA numbers below show that renewables capex is only $0.659 trillion.

The following data is provided by IEA for energy investments in 2023:
Fossil energy = $1.05 Trillion
Clean energy = $1.74 Trillion

The Clean Energy investments includes the following subinvestments:
Renewables = $659 billion
Efficiency = $377 billion
Grids = $331 billion
EVs = $129 billion
Battery storage = $37 billion
Nuclear = $63 billion
Low emission fuels = $26 billion
Other end use = $118 billion

Overview and key findings – World Energy Investment 2023 – Analysis - IEA

=====================

In 2022 global primary energy consumption was as follows:
O & G provided 55% of global primary energy - not 80% as you claim
Renewablles provided 14% of global primary energy - not 4% as you claim

Energy consumption by source

[Goofyhoofy]

@DrBob2

Upthread we saw how subsidies for solar are much higher per unit of energy produced. Solar subsidies make even less sense in the northern parts of the country such as New England and the upper Midwest.

My brother, living in Western Massachusetts, just sent me his solar numbers for February.

“ I thought I would share this with you remembering you were talking to someone that stated solar was not feasible living up north.

“I’ve used this month 673.8 Kwh and I’ve produced 645.2. So from the grid I pulled in 28.5 Kwh of electricity. The biggest user of power is my pellet stove which runs about 22 hours a day in the winter

Oh and in February we have had 42 inches of snow. Wait until the next 9 months and I will far exceed what is imported.”

I would note that Massachusetts is not as far north as Wisconsin or Minnesota, but it’s hardly South, or even Middle. He installed his rooftop system about 7 or 8 years ago, and I believe he told me he is already net positive. Everything from here on out is free money.