A Report On Energy Industry - 1614 Words

Energy Industry Focus on Renewables Ian Baynes – BUS376A – Sustainable Marketing Green technology is booming, yet a worldwide decrease in green spending has taken place for a second year in a row. According to a report done by Frankfurt School and sponsored by Bloomberg Finance, worldwide green spending for the fiscal year 2013 was $216 billion. U.S. Spending alone peaked to $50.8 billion in 2011 (CNN), before dropping to its current level of $36 billion (Frankfurt). There is a treasure-trove of funding for green innovation and increased productivity. However, due to negative global economic conditions, companies are going to have to fight harder than ever for the decreasing availability of precious green dollars. This funding battle is†¦show more content†¦As renewable technologies continue to improve in functionality, availability, efficiency, affordability, and practicality, so does interest in the technology. People are starting to have practical access to new green technologies that were simply not viable in the past. This reality resonates with th e mainstream populace not because they can now save the world, but because they can also save themselves money at the same time. For example, solar panels are especially desirable because they can save the consumer money on their electricity bill. Washers that use recycled water from previous loads are increasingly desirable because they can save lots of water. Electric cars that can go over 250 miles on a charge--such as the Tesla--can save the consumer thousands of dollars in gas costs and offer practical, convenient, and cheap transportation. Convenience and viability have a huge role in turning sustainable renewable energy into a reality. Society has noticed the new reality of convenient sustainable technology and is willing to act. Technological Advances in renewable energy technology provide a promising outlook for what lies ahead. In this case, the ends of utilizing rare-earth metals, fossil fuels, and other finite resources may justify the means. A large hurdle corresponding to current renewable energy technologies is their