Nigeria: Fossil Fuel, Renewable Energy and the Future

In developed countries, wind and solar energy are crushing fossil fuel at a frenetic pace while the developing countries are still making revenue projections on fossil fuel gradually going into extinction! The implication of this for developing economies is the reason DrillBytes' put together a Bloomberg report by Tom Randall in April of the year.

While two years of crashing oil prices, natural gas and coal triggered expected downsizing in those industries and concerned countries, renewable have been thriving. Clean energy investment broke new records last year and is now seeing twice as much global funding as fossil fuels. One reason is that renewable energy is becoming ever cheaper to produce. Recent solar and wind auctions in Mexico and Morocco ended with winning bids from companies that promised to produce electricity at the cheapest rate, from any source, anywhere in the world, said Michael Liebreich, chairman of the advisory board of Bloomberg New Energy Finance, BNEF. "We're in a low-cost-of-oil environment for the foreseeable future," Liebreich said during his keynote address at the BNEF summit in New York last week Tuesday.

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