Monday, Wood Mackenzie, a leading oil, gas, mining and renewable energy analysis firm, issued a report claiming “major oil and gas producers will put more of their capital into wind and solar developments as returns from renewables are poised to exceed some hydrocarbon projects.”
In short, a global consulting firm says major energy companies are going to put lots of money into “green” energy while scaling back on fossil fuels because there is now as much or more money to be made in renewables.
Every time similar news comes out – and it comes out about once a month these days – my Inbox is jammed with told-ya-so messages from “green” activists saying things like, “See, see, even corporate executives accept that climate change is real. They’re ready to do something about it. Why don’t you stop defending carbon.” (Expletives deleted.)
It happened after U.S. President Donald Trump withdrew from the Paris accord and the next day an American headline trumpeted “Corporate America scolds Trump for dumping climate agreement.”
It happened last month when London’s Financial Times printed a feature entitled “The Big Green Bang: how renewable energy became unstoppable.” And in March when financial news service Bloomberg carried a headline proclaiming “Big Oil replaces rigs with wind turbines.”
What’s missing in all of these stories is not the what, but the why?