Investment in alternative energy has decreased

At the International Press Institute* World Congress in Helsinki, Royal Dutch Shell Chairman Jorma Ollila noted that there had been a steep decline in investment in alternative energy.

Jorma Ollila: Where are we with respect to technology?

We all agree we have the need to invest in renewable technologies. But look at what is happening this year with respect to investment in energy. According to the International Energy Agency (IEA) investment in alternative energy is down by 20 percent! Because of our other capacity. This year investment in renewable technologies is down by 40 percent compared to last year. Some mature technologies are about to be commercialized. Why down? Oil prices collapsed, so viability based on return of investment is different this year.

That's why we need public policy in order to get investment into renewables. Its a complex bind. I'm impressed with what US Energy Secretary Chu and President Obama have said with respect to their aims in terms of the stimulus package.

This was an excerpt from the IPI panel discussion on climate change that included Charles Kolstad of UC Santa Barbara, Ali Sayigh of the World Renewable Energy Network (WREN), and Curtis Brainard of the Columbia Journalism Review. Jotman live-blogged the entire panel discussion. See "Technology and innovation: Climate change Rx?"
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* "The International Press Institute is a global network of editors, media executives and leading journalists . . . dedicated to the furtherance and safeguarding of press freedom, the protection of freedom of opinion and expression, the promotion of the free flow of news and information, and the improvement of the practices of journalism."