Citigroup shows optimism for renewable energy futureApril 8, 2013
Citigroup report suggests bright future for renewable energy
Citigroup, a leading banking and financial services group, recently released a report concerning the future of renewable energy. Citigroup has long held an interest in renewable energy, just as other organizations around the world have, but the prospects of renewable energy replacing fossil-fuels have been very dubious until recently. While fossil-fuels are likely to remain dominant for the next few years, Citigroup has a great deal of optimism concerning the future of renewable energy and its ability to replace fossil-fuels entirely.
Fossil-fuels may fall by the wayside
According to Citigroup, many of the modern forecasts concerning the future of renewable energy are too pessimistic. Many of these forecasts suggest that renewable energy is an impossible solution to a potentially serious energy problem, one that is rooted in the use of fossil-fuels. According to these forecasts, renewable energy will never replace fossil-fuels, suggesting that the world will continue to run on oil and coal for the remainder of its existence.
Rise of renewable power may be tied to support for natural gas
Citigroup’s report suggests that certain forms of renewable energy, such as wind and solar, will soon replace fossil-fuels. More businesses and governments are seeing a need to move away from fossil-fuels for financial reasons, rather than just environmental reasons. This is causing more support to make its way to the realm of renewable energy as countries work to find ways to establish economic stability in a world where energy prices are becoming more volatile. One of the problems, Citigroup notes, is that the rise of renewable energy may be heavily dependent on natural gas.
Natural gas in a symbiotic relationship with renewable energy
Natural gas is a fossil-fuel that burns much more cleanly than either oil or coal. Natural gas is often considered a viable alternative to conventional fossil-fuels because using it as an energy source produces significantly less carbon dioxide emissions than its counterparts. The problem lies in the fact that natural gas is becoming exceedingly popular, creating a sort of symbiotic relationship with the concept of renewable energy. Fracking and other natural gas production methods can have a devastating environmental impact that is largely unknown to the general public, but because of its symbiotic nature with renewable energy, if support for natural gas evaporates so too might the support for clean power.