March 12, 2018 Read More →

‘Fossil Fuel Industries Are Pushing Back’

In opening remarks at the Institute for Energy Economics and Financial Analysis annual conference today in New York, IEEFA’s executive director said that as electricity-generation markets modernize, status-quo forces are struggling to fend off change.

“Fossil fuel industries are pushing back,” said Sandy Buchanan, including by “seeking subsidies and political favors to stay afloat.”

Yet transition is occurring nonetheless, and on a growing scale.

“It’s clear the energy transition will transform economies,” Buchanan said, noting the market appeal of solar and wind energy in particular.

“Renewable energy is deflationary because fuel from the wind and sun is free. Renewables can also be built and installed very quickly, providing access to electricity for people who do not have it either due to poverty, remote locations, or the ravages of hurricanes.”

The conference runs through Wednesday at Columbia University Law School and includes panelists from IEEFA, Oxford Sustainable Finance, Doyle Trading Consultants, Moody’s Investors Service, Two Lights Capital, the Puerto Rico Institute for Competitiveness and Sustainable Economy and the offices of New York Governor Andrew Cuomo and New York Mayor Bill de Blasio.

More: IEEFA 2018 Energy Finance Conference: March 12-14 at Columbia University in New York

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