Renewable energy now cheaper than oil, says National Bank of (oil rich) Abu Dhabi

One of the biggest banks in the Middle East and the oil-rich Gulf countries says that fossil fuels can no longer compete with solar technologies on price, and says the vast bulk of the $US48 trillion needed to meet global power demand over the next two decades will come from renewables.

The report from the National Bank of Abu Dhabi says that while oil and gas has underpinned almost all energy investments until now, future investment will be almost entirely in renewable energy sources.

http://reneweconomy.com.au/2015/even-at-10barrel-oil-cant-match-solar-on-cost-37540

abu dhabi

Advertisements