Jan 26, 2023
Blackstone Sees Inflation Accelerating Pivot Away From Fossil Fuels
(Bloomberg) -- Commodity-price inflation is accelerating the world’s transition away from fossil fuels because it’s making renewable energy sources more competitive, according to a senior Blackstone Inc. executive.
“In some ways, inflation is accelerating the energy transition,” said Rob Horn, global head of sustainable resources at Blackstone Credit, a unit of the world’s largest alternative-asset manager.
“Zero marginal cost renewables gets an edge over hydrocarbons in these commodity price” environments, he said during the BloombergNEF Barrel of Tomorrow conference in Houston on Thursday.
Surging energy bills in Texas, where natural gas plays a leading role in power generation, is a primary reason why solar power has “exploded” in the second-largest US state, Horn added.
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