'Carbon bubble' looms for fossil fuel industry: Gilding
Global business leaders have been warned of a "carbon bubble" that will pop as nations accelerate their move into renewable energy and send the value of coal miners and other fossil fuel industries tumbling.Feb 2012: Coal Consumption in China Rises at Fastest Rate Since 2005 | ThinkProgress
Paul Gilding, an Australian environmental activist and former head of Greenpeace, told the opening of the World Business Council for Sustainable Development (WBCSD) that Asia was leading a drive into solar and other renewable energy sources that would leave countries dependent on coal exposed.
It will be "game over for coal" as the price of solar photovoltaic panels collapses, said Mr Gilding ahead of Wednesday's speech in Seoul.
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Technology may drive some of the change. If China dominates solar power, for instance, it would take away a major source of income for the Middle East, which is already an unstable region.
In 2011, China’s coal consumption increased by 9.7%, the most year-over-year growth seen since 2005. The country also saw a substantial increase in natural gas consumption, which climbed by 12% in 2011.
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