If a whole bunch of very clever people argue that Australia, the United Kingdom, the USA or indeed the whole world can make a technically and economically feasible transition to 100% renewables, we can expect that……when politicians exhaust all other options, submitting us to debilitating recessions along the way, the world will get busy making the transition to full renewables, not just 6% or 13% or 20% which are the current fashionable target.

A bright spot in all of this is the case of Portugal. Portugal already produces 45% of its electricity from renewables – now, not in 2020 or in 2035! Just 5 years ago, they were producing only 17% from renewables. A new government took on the entrenched fossil fuel interests and pushed through the agenda with stunning success.

Yes, electricity in Portugal is currently more expensive than in the US. However, 45% of the money spent by consumers and businesses on electricity no longer leaves the country, since the fuel source for that portion is now free forever. Furthermore, the higher prices discourage wastefulness and encourage energy efficiency. In all likelihood, after factoring in higher efficiency, Portuguese people are receiving the same useful services out of their electrical energy for the same total cost as Americans, with the added bonus of not having to ship billions of their economy’s cash out to OPEC every year.

Because of the extremely recessionary effect of being weaned off our centuries-long splurge on nature’s gift of fossil fuels, renewables and energy efficiency are likely to be the only strongly growing business for the foreseeable future. Thus, the countries that complete the transition to 100% renewables faster will have tomorrow’s competitive advantage. This is why we must persuade the Cypriot establishment to set a goal for 100% renewables by 2025.