Bill Gates Was Right: Green Energy Wasn't Ready for Prime Time
Filed under: Entrepreneurship, Investing, Going Green
By Rich SmithMotley Fool
It's been nearly two years since Bill Gates came out with his famous dismissal of "green energy" in general, and solar power in particular, as "cute" but too inefficient, too expensive, and too small in scale to actually make a dent in global warming. And once again, it appears the founder and chairman of Microsoft (MSFT) was ahead of the curve.
In an article in this month's edition of The Wall Street Journal's WSJ.Money magazine, the newspaper outlined a swelling backlash against solar, wind, and biofuels -- among investors at least: "Burdened by global overcapacity, slowing demand and the resurgence of fossil fuel production, clean-tech investments have fallen heavily out of favor" on Wall Street, lamented the Journal.
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The Government of Ontario yesterday announced it has awarded $3 billion in contracts to about two dozen wind and solar power companies, enough to light up more than 200,000 Ontario homes.
In most of the developed world, the push for renewable energy sources is ramping up. In Canada, many provinces have some type of a "green energy plan" that encourages the development of more sustainable sources of energy. Clearly, this is good news for the planet, but the issue is that existing greener sources of energy (wind and solar power, to name just a couple) often aren't cheap.







