The National Post is Canada’s second largest national paper.
After a fantastic run spanning a few years, the renewable energy sector has taken a number of hits recently, which suggests its inevitable march as the energy source of the future is far from certain.
“It’s pretty bleak — there is no way to sugar coat it. But I wouldn’t call it a lost cause,” says Matt Horne, director of climate change at the Pembina Institute.
While all sectors have ups and downs, there is a fear that renewables’ weaknesses could lead to structural changes, as policymakers no longer have the luxury of supporting and extending subsidies at a time of fiscal austerity.
And much to the dismay of environmentalists, fossil fuels are clawing their way back into the public’s good books. Or at least they are offering a compelling economic case that few can resist at a time of slow economic growth.
A number of factors have turned the tide. Plentiful oil and abundance of cheap natural gas, especially in the United States and Canada, with its promise of high-paying jobs has been an irresistible lure for governments desperate to create employment.