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Blackstone CEO Stephen Schwarzman warned Tuesday that high energy prices will likely set off social unrest around the world.
"We're going to end up with a real shortage of energy. And when you have a shortage, it's going to cost more. And it's probably going to cost a lot more," the private-equity billionaire told CNN International's Richard Quest at a conference in Saudi Arabia.
"You're going to get very unhappy people around the world in the emerging markets in particular but in the developed world," Schwarzman said at the Future Investment Initiative. "What happens then, Richard, is you've got real unrest. This challenges the political system and it's all utterly unnecessary."
BlackRock (BLK) CEO Larry Fink said one of the problems is that policymakers are moving more aggressively to curb fossil fuels supply than demand.
From a quarter to half of Earth’s vegetated lands has shown significant greening over the last 35 years largely due to rising levels of atmospheric carbon dioxide, according to a new study published in the journal Nature Climate Change on April 25.
An international team of 32 authors from 24 institutions in eight countries led the effort, which involved using satellite data from NASA’s Moderate Resolution Imaging Spectrometer and the National Oceanic and Atmospheric Administration’s Advanced Very High Resolution Radiometer instruments to help determine the leaf area index, or amount of leaf cover, over the planet’s vegetated regions. The greening represents an increase in leaves on plants and trees equivalent in area to two times the continental United States.
Results showed that carbon dioxide fertilization explains 70 percent of the greening effect, said co-author Ranga Myneni, a professor in the Department of Earth and Environment at Boston University. “The second most important driver is nitrogen, at 9 percent. So we see what an outsized role CO2 plays in this process.”
To summarize I just want to say I love this planet and all the life on it, but that also includes human beings. Of course we need to be mindful of how we treat the planet, especially when it comes to actual pollution in our environment and other tangible issues like deforestation. But when it comes to more intangible concepts like global warming people are far too willing to use it as a political tool, and suddenly every weather event is caused by it and the end of times are upon us.
If we can create green technology which is capable of reliably powering our modern world then I'm all for it, and I think many of these technologies already exist we just need to start using them in the right places. However I don't think it's healthy to be demonizing fossil fuel industries which are already declining in Australia. When you say nonsensical things like all energy must be 100% green and coal miners should find new jobs you ostracize people and quite frankly sound a bit insane.
Threatening things like combustion engine cars will be made illegal in a few decades is not at all productive, it's clear society is moving towards a more electric future as the technology improves, however some people may have their life and soul invested in combustion engine cars. Maybe it's the way they sound or feel when driving, how should I know, but I surely wouldn't want to take that away from them. There is always some room for the "old ways" and it's not moral to forcefully take that away, and clearly some CO2 output is sustainable.
Dissecting the Global Warming and Energy Issues in Australia
More to the point, there is a clear link between nations with aggressive renewable energy initiatives and high energy prices. South Australia is a clear example, Germany and Italy also invested heavily in renewables such as solar, this chart and this chart show Germany and Italy right along side South Australia as having the highest energy prices in the world. In the U.S. a similar trend can be seen, California has invested heavily in renewables but these charts show prices rose 3 times more than they did in the rest of the U.S. between 2016 and 2017.
Lets just assume solar and wind is cheaper, not everywhere is sunny and not everywhere is windy all of the time. I also have serious issues with calling solar and wind renewable because the materials required to build complex electronics is not renewable. In the 60 Minutes report with Elon they also interview the director of a Lithium mine and he allows the host to detonate a series of high explosives, which gives them a chuckle. The mine is also surrounded by trees so it's clear they had to destroy a large patch of forest in order to excavate.
There are many other materials mined from the Earth to produce solar panels and batteries, they also contain a lot of plastic which means they require oil. At one point in the interview Elon says "if it's not renewable that means it's going to run out at some point". Non-renewable materials are required to build electronics and they don't last forever so they are not renewable. It's also extremely important to acknowledge that massive fields of solar panels and wind turbines have an impact on the environment.
Elon Musk on Australia's energy crisis
originally posted by: neo96
The more expensive fossil fuel gets. The more money they make.
originally posted by: MDDoxs
a reply to: ChaoticOrder
He is speaking from a place of self interest.
"We need to ramp up traditional source of energy production, that is were all my money is invested!".
"I would never bet against technology or manipulate markets to get away with stealing retail investors money".
We are approaching a paradigm shift in the power space within the next 10 years. In fact, the shift has already begun.
So we have the CEO's of both Blackstone and BlackRock warning of an energy crisis.