On January 24, the PNM turned 60 years old. Quite surprisingly, there was an absence of fanfare to mark the occasion.
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The end of the age of fossil fuels
Easy-to-reach oil has been exhausted in T&T. The country now looks at increasingly risky and dirty fossil-fuel extraction such as deep-sea oil and tar sands. Billions of dollars are being invested in the continuation of the century-and-a-half-old oil and gas industry, locking T&T in to a fossil-fuel economy for another generation or more.
Meanwhile Goldman Sachs, one of the world’s leading investment banks, predicts that the age of oil will soon be over. Solar power will achieve price parity with the US electricity grid by 2033. Is the Ministry of Energy and Energy Affairs’ continued emphasis on fossil-fuel investment, instead of clean, renewable energy a good business investment? The financial analysts at Wall Street say no.
Financial analysts don’t care about the environment, climate change or a country’s historical reliance on one form of income or another. These are the Wolves of Wall Street, not greens or empaths. They follow profits only, and when they say an industry is about to become obsolete, policymakers better sit up and take notice.
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