My previous blog entry discussed the economics of a recently released study claiming that the cost to reduce greenhouse gas emissions by 50% by 2050 would be about $45 trillion. Seems like a lot doesn't it? Please read my previous entry to see how that translates into less than a cup of coffee per day. Now let's look at this problem (solution) from a business opportunity point of view.
The report claims that 32 new nuclear power plants will have to be built every year and an additional 17,000 wind power units added every year, as well as outfitting 55 coal and gas fired plants with carbon capture technology each year from now until 2050. That is a $1.125 trillion market - hey, how can I get a piece of that?
Seriously, two things come to mind on that note:
1) If I am a large provider of energy products (say fossil fuel based) I would be thinking - hmm, perhaps we should switch to renewable energy. There appears to be a bit of a future there!
2) if I am a government leader (provincial, state, federal) I would be thinking - hmm, we need to train thousands of our youth in developing these new energy technologies and encourage investment and R&D in our jurisdictions - looks like an economic opportunity to me. Alas, as we all know, access to skilled trades people is an ever increasing challenge - you better get on this one fast!
Every decade or two has a golden economic era - the boom years after WW II brought us millions of vehicles from Ford, GM and Chrysler and the last 15 years have seen the birth and maturity of the Internet.
I sincerely hope that the next couple of decades are the golden years of renewable energy - not only for the economic value, but because it is the right thing to do.
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