• 10 hours Oil Pares Gains After API Reports Surprise Crude Inventory Build
  • 11 hours Elon Musk Won’t Get Paid Unless Tesla Does “Extraordinarily Well”
  • 11 hours U.S. Regulators Keep Keystone Capacity Capped At 80 Percent
  • 12 hours Trump Signs Off On 30 Percent Tariff On Imported Solar Equipment
  • 14 hours Russian Funds May Invest In Aramco’s IPO To Boost Oil Ties
  • 15 hours IMF Raises Saudi Arabia Growth Outlook On Higher Oil Prices
  • 16 hours China Is World’s Number-2 In LNG Imports
  • 1 day EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 1 day Oklahoma Rig Explodes, Leaving Five Missing
  • 1 day Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 2 days Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 2 days Libya’s NOC Restarts Oil Fields
  • 2 days US Orion To Develop Gas Field In Iraq
  • 4 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 4 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 4 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 4 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 5 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 5 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 5 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 5 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 5 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 5 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 5 days Venezuelan Output Drops To 28-Year Low In 2017
  • 5 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 6 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 6 days Kinder Morgan Delays Trans Mountain Launch Again
  • 6 days Shell Inks Another Solar Deal
  • 6 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 6 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 6 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 6 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 7 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 7 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 7 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 7 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 7 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 7 days Norway Grants Record 75 New Offshore Exploration Leases
  • 7 days China’s Growing Appetite For Renewables
  • 7 days Chevron To Resume Drilling In Kurdistan
Alt Text

The New Natural Resources Fueling The Green Revolution

The renewable energy revolution is…

Alt Text

2018: A Breakout Year For Clean Energy

2018 is poised to be…

Alt Text

Saudi Arabia Looks To Test EVs In Harsh Climate

Saudi Arabia’s state-owned electricity company…

Daniel J. Graeber

Daniel J. Graeber

Daniel Graeber is a writer and political analyst based in Michigan. His work on matters related to the geopolitical aspects of the global energy sector,…

More Info

Green Energy is About Green Backs

Green Energy is About Green Backs

While most major economies agree that some form of alternative and renewable resources are needed as part of the emerging energy mix, embracing frontier areas like wave arrays might be more about changing the way decision-makers think about energy than simply about the saving the environment. That's how Richard Yemm, founder of Scottish company Pelamis Wave Power, sees it anyhow. He says efforts underway in Europe aren't just about protecting the environment, they're about new ways to provide energy that make economic sense. He's not, after all, just talking about climate change when he talks about going green.

"The second industrial revolution is well under way in the U.K. and Europe, one which is based on green energy and technology," says Yemm, "and Scotland, which aims to decarbonize its economy, is leading the way in frontier energy developments."

The first industrial revolution was driven by carbon-based energy resources and helped define today's economy, he explained. The second revolution is driven by green technologies. This sector is already big business in Europe and, if First Minister Alex Salmond gets his way, it will help an independent Scotland stand alone in the region.

On the west coast of Scotland, powerful ocean swells roll into shore year round. Because of this, Yemm claims there's enough wave energy to power 100 homes with every step you take along the beach.

"The ocean is like a gigantic battery," he says, "continually being charged by the wind."

Wave power is more reliable and predictable than wind or solar because it's less dependent on the local weather conditions. The waves are always rolling, said Yemm.

Scotland and the rest of the European community understand the risks and opportunities presented by frontier renewable energy technologies like wave power. Several energy companies are already testing his company's Pelamis wave-energy converters and there could be enough of them in the water to generate as much as 200 megawatts of electricity from the waters of Scotland's west coast by the end of the decade. That's not much, says Yemm, but it's a good start for a new energy source that's expected to bring in significant revenue for all players involved, including those outside Europe.

So why is Scotland the model rather than the norm? Yemm says it’s a matter of making alternative energy something more than just an environmental issue. It needs to be something that's on equal footing with the rest of the energy sector. The wind, the sun's rays and waves are just as much a source of energy as oil and natural gas, Yemm explains. It took hundreds of years of technological development to make oil and natural gas inexpensive, though the IEA said the age of cheap conventional energy is likely over.

For most of the rest of the world, the climate change and alternative energy debate isn't at the top of the agenda, however. The United States and Canada, two oil-rich countries in their own right, backed out of the Kyoto Protocol saying, for all intents and purposes, it was an ineffective environmental treaty.  But major economies like the United States can push ahead with alternative energy if they decide to put their money where their mouth is in the green energy debate, says Yemm. It just requires a paradigm shift in the way countries look at their available natural resources.  It's not, he says, just about environmental stewardship. It's about making a buck along the way too.

"Europe has set targets to decarbonize its economy in a fraction of the time it has taken to create the carbon-based economy," he said. "However, contrary to the common view, it is not looking on this as a noble duty or an unavoidable burden, but as an economic opportunity on a grander scale than the first industrial revolution that created the requirement for it."

By. Daniel J. Graeber of Oilprice.com




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News