“When I broke it down for every inhabitant of planet Earth, I was staggered at how much money it is. So, if you take things like subsidies, and they could be consumption or production subsidies, it's less than a trillion. But then if you add in the costs of climate change and other damages done by using the fossil fuels, we come up to this figure of five trillion. And actually, in the last few years, it's been more than that. It's been up six and seven trillion, as well. For example, if we compare it with the amount that the governments of the West are supposed to supply each year in climate finance, which is a hundred billion, it's approximately one fiftieth of the amount that we're actually subsidizing the fossil fuel industry, which is the major cause of the problem.”

The Five-pronged Clean Energy Future
“I thought about it, and I was wondering, what do we actually need in the world? Because we don't need petrol and we don't need coal. We need energy to power various things. So, we need these energy services. So, what's the simplest way of providing all of the energy services? And it really seems to me that we can basically do it all with about five different types of goods. So the system of the future I put out in the book is first of all, you have the generation of electricity, which is mainly going to be with renewables, mainly with wind and solar because they are the cheapest and they're getting cheaper thanks to Wright's Law. Then you need energy storage and other means of sharing matching demand to supply. So, storage is the one that people will be most familiar with, which can be batteries, for example. And again, the price of batteries has also plummeted about 85 percent price reduction in a decade. And it continues because, again, we have mounting volumes. In a competitive market, there's lots of innovation going on in terms of battery design, in terms of construction, and all of this stuff, new materials coming into batteries. So, that's your first two, that's your renewable generation and your battery storage. Electric vehicles will be the main method of transportation. Already, they dominate sales in the two-wheeler market in China and India. They're already eating into global oil demand. They're taking about 1.5 percent of global oil demand already, and the sales are increasing exponentially in China and other countries as well. They are cost-competitive. It's just on the purchase price in some markets with some models now. And it's going to get cheaper again because battery costs will fall. Heating and cooling, which is a big demand for energy. We can use heat pumps, which are super efficient running on electricity…Hydrogen, that will probably be the fifth prong, but a smaller prong, rather like the little finger on your hand.”

Richard Black spent 15 years as a science and environment correspondent for the BBC World Service and BBC News, before setting up the Energy & Climate Intelligence Unit. He now lives in Berlin and is the Director of Policy and Strategy at the global clean energy think tank Ember, which aims to accelerate the clean energy transition with data and policy. He is the author of The Future of Energy; Denied:The Rise and Fall of Climate Contrarianism, and is an Honorary Research Fellow at Imperial College London.

https://mhpbooks.com/books/the-future-of-energy
https://ember-climate.org/about/people/richard-black
https://ember-climate.org
www.therealpress.co.uk/?s=Richard+black

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