![]() The old guard’s slow adoption of clean-energy technologies will be seen for what it really is: strategic avoidance. I believe that business-as-usual for these companies is about to end. And it is not hard to see why-the IMF recently reported that national governments spent a staggering $5.2trn in 2017 subsidising the fossil-fuel industry. In 2018, 80% of the world’s energy consumption still relied on hydrocarbons, according to the International Energy Agency. We remain in thrall to fossil fuels, and oil consumption is still growing. The pace of change towards clean energy has been far too slow. ![]() ![]() Their revenues and investments are rooted in fossil fuels. In Britain-even now, after years of deregulation-the “Big Six” energy companies still have 75% of the market, despite their reputation for price hikes and poor service.Ĭertainly, the established players have paid lip service to clean technology, spending hundreds of millions of dollars on brand campaigns supporting action on climate change while simultaneously paying out far more on lobbying for regulations not to change. Most traditional energy companies around the world got big without the organic growth seen in other sectors-they are privatised state industries, not intrinsically entrepreneurial businesses. In the year ahead, this shift will gather pace as people vote with their feet to make clean energy a normal everyday choice. About how one of the largest industries, energy, is going to be transformed by something much more human: people power. So I’m going to talk about something else. Get ready for a renewable-energy revolution A renewable-energy revolution is just around the corner, says Hayden Wood, CEO and co-founder of Bulb BusinessĪRE YOU FED fed up of hearing about how machines are going to disrupt traditional industries? Me too.
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