14 November 2019: In his opinion piece in the Forbes, Wal van Lierop’s, the President & CEO at Chrysalix Venture Capital argues that governments subsidies towards the fossil fuel sector are behind the lagging transition towards clean energy. Based on his team’s analysis he argues that the stocks of world’s largest fossil fuel companies are artificially buoyed by governments, who transferred $700 billion in direct subsidies to these sectors that have had combined net profits of only $500 billion. In contrast to International Energy Agency (IEA) estimates that renewable received about $120 billion worth of subsidies in 2013, fossil fuel industries receive a smaller per-kWh subsidy, but much higher one in aggregate. Van Lierop goes on to ague that as long as governments artificially inflate the stocks of fossil fuel companies, investors will be unlikely to divert capital into fusion energy, hydrogen, wind and other carbon-fighting innovations, condemning clean energy to struggling to compete. To read the full column, follow the link.
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