Regardless of political debate, renewable energy is simply cheaper to produce than using fossil fuels. In some areas, it’s cheaper to build a solar or wind farm rather than keep an existing coal plant running, according to CBS News.
BlackRock, the world’s largest asset management firm, is betting on renewables. The firm, which has heavy investments in ExxonMobil, Chevron and Shell, lost $90 billion over the last decade due to its investment in fossil fuels. Already, some energy manufacturers are closing up their coal operations. Upper Midwest energy provider Xcel Energy will close all of its coal-fired plants by 2030. Michigan-based Consumers Energy will close all its coal plants by 2040.
As the industry creeps toward a renewable future, job losses in the fossil fuel industry will be significant. And our energy will come from renewables — but whether or not savings are passed on to the consumer is hard to predict.