Sunday, April 5, 2009

Germany plans to be 100% powered by renewable energy

The German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety has a blueprint for converting the country to renewable energy, possibly by as early as 2050.

Think about it -- the entire country of 82 million souls and $2.9 trillion GDP, powered by renewable fuel. No fossil fuels anywhere.

In 2007, Germany imported slightly over 2 million net barrels of oil per day. That year, the price of oil was inexorably climbing toward $100 per barrel. Even if we generously assume an average price of $60 for the year, we get a total spend of $43.8 billion per year on oil ($60/barrel x 2,000,000 barrels/day x 365 days).

That's approximately the amount of money that won't be flowing to the coffers of countries that Germany bought oil from. The actual figure will be different, because Germany is probably importing less oil now than in 2007, and besides, prices are lower.

To be sure, Germany won't save all those dollars (or euros), because new power sources will require investments, and some hardware may have to be imported. But still, a lot of euros will remain in German hands.

The Ministry expects its goal will be achieved by raising energy efficiency all around, increasing the amount of energy produced from renewable sources, and researching new green technologies.

Wind, solar, biofuels and hydro will provide most of the energy.

Oh, and cars will still fly on the autobahn at 3-digit speeds. Only now, they'll be powered by electricity.

No comments:

Post a Comment

Copyright 2009- each blog post's respective author. All rights reserved.