In a blog published last week, Gautam Adani, chairman of the Adani Group, says that renewables are fast becoming the cheapest and best source of energy, especially for countries that currently rely on fossil fuel imports.
He wrote “Today, as COVID19 challenges the fundamental assumptions of our lives, the urgency of a green revolution in the energy sector gains greater importance. While the immediate economic impact may slow us down, we are presented with an opportunity to pause, rethink, and design a new and faster transition to a low carbon future.”
“The adage that renewables are good for the environment, but bad for business is increasingly a thing of the past. Today, we see an accelerating trend where policies facilitated by governments, public awareness and support for action on climate change, and the economies of scale continue to create massive market demand and job creation through renewables while simultaneously addressing the energy security for countries dependent on energy imports.”
“The International Renewable Energy Agency (IRENA) forecasts that employment in the clean energy sector, currently at 12 million in 2020, could quadruple by 2050, while jobs in energy efficiency and system flexibility could grow by another 40 million.”
“Although the impact of climate change is slower to emerge than a pandemic, its threat to humanity is more significant. Therefore, the case of the transition to a cleaner energy future must be taken up not only by governments but also by industry. India is quietly and firmly leading the way. COVID19 may be the turning point where society leverages the economic rebuilding effort to fast track the transition to a cleaner future.”
Clearly, Mr Adani has identified that the future of energy production lies with renewable energy. He forecasts the cost of solar and wind energy to reduce by 50 per cent every decade for the next sixty years.
The big question that arises from Mr Adani’s writing is why he is allowing his Australian subsidiary to continue with their dinosaur of a coal mine. The mine’s boosters, including the former Resources Minister, Matt Canavan, say that the Adani Mine will drag millions of Indians out of energy poverty. The truth is it will lock them in to paying higher than necessary prices for electricity for decades whiles simultaneously damaging Queensland’s and the World’s environment.