Is sustainable energy feasible?
8-6-2009 | CSR news
Chairman of the Executive Board Bert Heemskerk spoke on 5 June at the Financial Time’s Sustainability Congress in London about the severe impact of the global economic recession on the sustainable energy sector. The combined effect of lower oil and energy prices, and the rising cost of debt financing have made many sustainable energy projects less feasible.
According to New Energy Finance, first quarter investments in clean or renewable energy for 2009 have dropped 53 percent compared to the first quarter of 2008. Prices have tumbled for major European clean tech producers such as Q-cells, Solon and Vestas.
Time to invest
“In the mean time, oil prices have come back from lows of US$ 35 per barrel to the current sum of USD 70,” said Heemskerk. “When the oil price level hits US$ 80, the most efficient sustainable energy resources, such as offshore wind energy, will be economically viable again. Now that oil prices are still low, we should take the opportunity to invest in non-fossil fuels.”
Consumer demands
As a food and agriculture bank, Rabobank is committed to a future with sustainable energy. “We aim for sustainable natural resources development, instead of abuse and depletion of resources. We are stewards of this planet, and the real challenge is to add something,” said Heemskerk.
The willingness of consumers to change their behaviour is crucial to stimulating governments and companies to adapt their energy policies, said Heemskerk. “When the environment is valued only as an economic good, it will gradually be destroyed.”
