To the editor:
Regarding the Sunday, Jan. 19, letter by Frederick Hewett, “Structural change needed to advance vision of clean energy economy,” the change will be come a lot faster than expected, and not just in Massachusetts, due to a game-changer that’s not scientific or political but rather economic.
Most people don’t realize it yet, but the market has already spoken and clean energy has won. It’s game over for fossil fuels.
Worldwide solar and wind power, with storage and without subsidies, are now cheaper than any fossil fuel, and their prices will continue to drop substantially every year (according to Scientific American). By 2030, clean energy is projected to be “essentially free” (UBS/Financial Times).
Colorado, Arizona and California already have long-term contracts for solar and wind at 2 to 3 cents per kWh — a penny more if storage costs are included, but storage prices are plummeting too. The average of fossil fuel power is 12 cents per kWh.
Fossil fuel companies will be trillions in debt for “stranded assets” they won’t be able to sell. The smart money is already getting out of fossil fuels. Last year alone $12 trillion was divested by big institutional investors.
Coal is fast going bankrupt in the U.S., and oil and gas fracking is in deep and irreversible financial trouble. (So say the Wall Street Journal, Forbes, the Financial Times and Bloomberg.)
Economist Jeremy Rifkin, a longtime, prominent advisor to the European Union and China on transitioning to clean energy, projects that the fossil fuel industry will begin to collapse between 2023 to 2028.