Jeremy Grantham: prediction

Transcript context

…Is the long-run equilibrium that we make green energy much cheaper, but dirty energy becomes cheaper also when the world just uses much more energy? Because as we move away from oil, its price falls, so Vietnam, Africa, Bangladesh, wherever — they’ll just use that oil, and the world will remain dirty in terms of carbon. The interesting thing about green energy is, on a marginal cost basis, which we economists know is the only thing that really matters, the marginal cost of wind and solar and almost all green energy is nil. It’s very hard for even a falling price of fossil fuels to get to nil. It is so cheap to generate wind and solar when you have built the expensive plant, and we will drive fossil fuels out of business. To bridge intermittency in, say, Vietnam and Bangladesh, won’t we need gas or something?…

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