WEDNESDAY'S POST

A Big Oil Shocker from the United Arab Emirates

By Nick Hodge | Wednesday, July 15th, 2009

Forget far-off forecasts for a minute; let's look at the here and now.

The fact of the energy matter is that cleantech has passed the tipping point.

Talk about T. Boone's wind failure and the global warming hoax all you want. I'll talk about renewable energy.

And apparently so will everyone else, from the president of the Untied States to president of Greenpeace to the president of the United Arab Emirates.

The past year has been a groundswell for renewable energy, even in the face of recession. If anything, global economic turmoil has highlighted the impact clean energy will have on future economies. . . and the willingness of global governments to usher in that future.

Countries in all corners of the world have turned to cleantech, not just for the kilowatt-hours but also for the jobs and related investment it brings with it.

Even China � the environmental abstainer of abstainers � recently announced their plan to spend $290 billion on clean energy in the next decade.

But perhaps the most convincing evidence that cleantech is here to stay is the willingness of stalwart oil nations to adopt the technology. If the countries that control the world's largest oil reserves are rapidly deploying renewables, what makes anyone think we can drill, baby, drill our way out of looming energy problems?

Biggest Oil Is Going Green

Perhaps you missed it, but here's how Reuters introduced the story: "Speedy electric cars will soon compete with gas-guzzling SUVs on Abu Dhabi streets as the oil-exporting emirate buys into alternative energy."

Aren't those guys swimming in oil?

Perhaps. But unlike some energy neophytes, they understand that it's a dwindling resource, and that the time�to begin a smooth transition to other fuels is now.

It's not about emissions. It's not about global warming (can it get much hotter there?). It's about energy security. And large oil-exporting nations are increasingly turning to renewables to get it.

Shouldn't we � being 60% dependent on foreign oil � be doing the same? I mean, these guys are the third-largest exporter of oil in the world. And yet they're salivating over cleantech.

It's a wake-up call if there ever was one.

The news this week is that Aabar, an investment company wholly owned by the Abu Dhabi government, has taken a 4% stake in Tesla, the U.S.-based electric vehicle manufacturer.

Hmmmm. Why would this oil-rich nation go after alternative transportation before alternative electricity? Can you say 'secretly dwindling reserves'?

And electric vehicles are just the beginning of their investments. According to the Chairman of Aabar, this is just one of several more planned ventures into clean technology.

But here's the real kicker: they're using revenue from oil sales to do it.

If Microsoft was using profits to invest in Apple, it would be a clear sign of a shift in power in a major industry. . . and a clear indication of a giant's brooding demise.

This is the same thing, only we're dealing with trillion-dollar global energy markets.

Reuters called it "no small paradox."

I call it the new energy reality.

Shad and Jose both told me they would love to tool around in a nifty all electric car....They want four doors and windows that go up and down. They do not want to spend thousands of dollars extra though as it eats into their treat money. Call your congressman today and tell them to can the cap and tax and go a lot less on the dollars and get the electric grid set up and for get about all that climate change bull______! All the cap and trade does is ruin businesses and makes the climate people rich and all of us out here poor! Do it now before Obama and Gore bankrupt the country even more. Put Americans to work not into bankruptcy.....