At some point the world will have to stop depending upon fossil fuels for its dominant energy supply. Society can choose whether to address the issue early or wait until events force it to act. Right now, not many things are driving markets or policymakers to change. Because right now, the truth is that fossil fuels are abundant, cheap, and established.
However, there are reasons to transition away from fossil fuels. Nations that deploy the next generations of power distribution infrastructure and transportation vehicles will create new industries and capture those employment opportunities. They will also shield themselves from the effects of fluctuating crude oil prices and take the initiative in solving the climate change problem.
These reasons are largely political. The free market system responds quickly to economic forces, but it is not strongly affected by political ones. This means that politicians and governments must start the ball rolling. Government-lead technological innovation is not new. The US Space Program began as a government initiative, but it spawned many new technologies, private corporations, and other projects.
Converting the world from fossil fuels is going to take an effort on par with the Space Program. Collaboration will be required among universities, research centers, the oil industry, the automobile industry, and government policymakers. The resources of large corporations and the quick-strike attitude of startups will both be necessary. The conversion will take commitment, perseverance, and large investments. It will demand long-term thinking, risk-taking, and cutting-edge science.
Converting the world from fossil fuels is going to take an effort on par with the Space Program. Collaboration will be required among universities, research centers, the oil industry, the automobile industry, and government policymakers. The resources of large corporations and the quick-strike attitude of startups will both be necessary. The conversion will take commitment, perseverance, and large investments. It will demand long-term thinking, risk-taking, and cutting-edge science.
Above all, it will take leadership.
Along the way fortunes will be made. The chance of making these fortunes will be vital to sustain the effort. Political ideology and government grants will not draw-out the capitalist spirit that will win. The global energy business is capitalism at its strongest, and this business is ruled by fossil fuels. Successful alternative energy must be more competitive than fossil fuels. It must beat them in abundance, cost, and return-on-investment.
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