Energy Sec. Wright: $10 trillion spent on ‘wind, solar, & batteries’ and they are only ‘2.6% of global primary energy’ – ‘Hydrocarbons were 84% of primary energy in 1973, & they’re about 83% today’

Sec. Wright: “China will bring on somewhere between 50 and 70 gigawatts of coal this year. So to call China green — look wind, solar, and batteries, $10 trillion in — 2.6% of global primary energy. Hydrocarbons were 84% of primary energy in 1973, and they’re about 83% today. So even the term energy transition, I think, is just not consistent with the facts. We’ve seen a transition of where the money goes. We do spend more money, over a trillion dollars a year globally on,  quote, unquote, they call 0 carbon, I call them lower carbon energy sources. So huge amount of money is spent there, but it hasn’t meaningfully changed the global energy system, except for the price of that energy and where that energy is produced.”

 

Share: