World’s largest investment group says “Coal is dead’ and oil faces “peak demand”


Of course, you could invest on Trump’s advice

❝ “Coal is dead,” Jim Barry, the global head of BlackRock’s infrastructure investment group, explained in a recent interview.

BlackRock, the world’s largest investment group, with $5 trillion in assets — more than the world’s largest banks — has begun to bet on clean energy. Why? “The thing that has changed fundamentally the whole picture is that renewables have gotten so cheap,” said Barry…

❝ President Donald Trump famously campaigned on restoring coal jobs, and has continued to reiterate that commitment as president, but the economic reality makes that a futile effort.

The U.S. alone has shuttered 40 gigawatts of coal plants since 2000.

“These [coal plants] will not reopen whatever anything President Trump does,” as Bloomberg New Energy Finance recently explained, “nor do we see much appetite among investors for ploughing money into U.S. coal extraction — stranded asset risk will trump rhetoric.”

The economic reality is that cheap fracked gas and plummeting prices for clean energy has squeezed both coal production and coal consumption to levels not seen for decades.

❝ Coal isn’t the only fossil fuel at risk. Because of the rapidly improving performance and cost of batteries, Barry is “bullish” on electric vehicles. And as a result, he is bearish on oil demand, noting that “there was always this historic view on oil about peak supply but it’s about peak demand being an equal dynamic.”

In short, the smart money is headed away from fossil fuels and toward clean energy.

Not that any of this means much to our state and national politicians. Smart money doesn’t concern them – just money. That’s what controls elections in our much-vaunted Republic. And, for now, the corporations most willing to provide funds to our political hacks are the ones who get representation.

The people? Looks like we’re still last in line.

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