Big Oil Goes Green for Real
Source: Newsweek, Rana Foroohar (9/19/09)
". . .large integrated oil firms will eventually become major players—perhaps even the dominant players—in alternative energy."
The list goes on. And this time it's the real deal. It's not just that these projects involve bigger money, which will grow exponentially if new technologies work, it's that companies are actually beginning to think about alternatives not just as a tool for greenwashing (throw up solar panels here, sponsor a conference on wind energy there) but as real businesses that might one day turn real profits—or at least help make fossil-fuel production more profitable. The catalyst is that governments are moving to force industry to cut carbon emissions, creating a new "long-term regulatory reality" that favors alternative energy, says PFC Energy chairman J. Robinson West. Meanwhile, President Obama's green-stimulus efforts and China's massive investment in alternatives have created a serious market for green technologies.