‘Coal is dead’ and oil faces ‘peak demand,’ says world’s largest investment group  

Posted by Big Gav in , ,

ThinkProgress echoes an interview in the AFR, noting coal is no longer of interest to investors and the sun is setting on oil as well - ‘Coal is dead’ and oil faces ‘peak demand,’ says world’s largest investment group.

“Coal is dead,” Jim Barry, the global head of BlackRock’s infrastructure investment group, explained in a recent interview. BlackRock, the world’s largest investment group, with $5 trillion in assets — more than the world’s largest banks — has begun to bet on clean energy. Why? “The thing that has changed fundamentally the whole picture is that renewables have gotten so cheap,” said Barry. No, the world’s coal plants are not going to all down shut tomorrow, Barry noted to The Australian Financial Review (subscription required). “But anyone who’s looking to take beyond a 10-year view on coal is gambling very significantly.”

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