Economist Jeff Currie of Goldman Sachs (World Head of Commodities Analysis within the World Funding Analysis Division): “Right here’s a stat for you, as of January of this yr. On the finish of final yr, general, fossil fuels represented 81 % of general power consumption. Ten years in the past, they had been at 82. So although, all of that funding in renewables, you’re speaking about 3.8 trillion, let me repeat that $3.8 trillion of funding in renewables moved fossil gas consumption from 82 to 81 %, of the general power consumption. However you recognize, given the latest occasions and what’s occurred with the lack of fuel and changing it with coal, that quantity is probably going above 82.” … The web of it’s clearly we haven’t made any progress.”
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By: Marc Morano – Local weather Depot
Transcript:
CNBC’s JOE KERNEN: “OPEC’s again in cost as a result of we haven’t invested in options. That’s all Europe did, was put money into new age options.”
JEFF CURRIE (an economist and World Head of Commodities Analysis within the World Funding Analysis Division at Goldman Sachs.): “No, as a result of we didn’t —“
KERNEN: “Are you saying pure fuel and nuclear and coal are options, or do you imply pie within the sky, wind —“ [crosstalk]
CURRIE: “Various to OPEC manufacturing —“
KERNEN: “Fossil gas options to —“ [crosstalk]
CURRIE: “— whether or not it’s fuel, oil, photo voltaic, wind, you title it. However the truth is —“
KERNEN: “Nuclear, coal, all — and of the above. It simply sounded such as you had been saying — sounded such as you had been saying we haven’t transitioned fast sufficient to the inexperienced stuff, and that’s not what — what you had been saying —“ [crosstalk]
CURRIE: “However — however — however let’s — however let’s take a look at how a lot did the greens funding give us? Right here’s a stat for you, as of January of this yr. On the finish of final yr, general, fossil fuels represented 81 % of general power consumption. Ten years in the past, they had been at 82. So although, all of that funding in renewables, you’re speaking about 3.8 trillion, let me repeat that $3.8 trillion of funding in renewables moved fossil gas consumption from 82 to 81 %, of the general power consumption. However you recognize, given the latest occasions and what’s occurred with the lack of fuel and changing it with coal, that quantity is probably going above 82. So after we take into consideration what these renewables have added — as a result of keep in mind, you’re including capability, however the capability utilization issue is sort of low on them. After which you have got Europe making the funding in there, however China making additional investments. The web of it’s clearly we haven’t made any progress. And I feel the important thing level that I used to be saying is that why OPEC is within the driver’s seat, you recognize, at an unprecedented stage is as a result of, you recognize, we inclusively of all people exterior of OPEC haven’t adequately invested in general power manufacturing, infrastructure and the flexibility to provide and ship it. And I don’t care — and by the way in which, the nations like Brazil, you recognize, was [indecipherable] about who’s going to be uncovered to this as a result of they elevate rates of interest actually early within the cycle. They’re really much less uncovered to what’s occurring proper now than let’s say Japan or Europe.”
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