German investors to launch $550 billion solar project

[the4thpip]

It's about time something like this got off the ground!

The consortium behind what would be the biggest ever solar energy initiative will first raise awareness and interest among other investors for the project, known as Desertec, which is estimated to cost around €400bn (£338bn).

Torsten Jeworrek, board member of Munich Re, the German reinsurer which is leading the project, said: "We want to found an initiative which over the next two to three years will put concrete measures on the table."

Like other reinsurers, Munich Re has said it is expecting to face mounting claims in the coming years for damage caused by climate change.

The companies – including Siemens, Deutsche Bank, and the energy companies RWE and E.on – will meet on July 13 in Munich to draw up an agreement. German government ministries as well as the Club of Rome, a Zurich-based NGO of leading scientists, managers and politicians which advocates sustainable development, are also expected to be present.

It is seen as particularly significant that the companies aim to start the expensive initiative in the midst of a financial crisis. But although none of the companies is keen to go into detail yet about their involvement, they stress that the project is a chance for them to drive forward the fight against climate change and in doing so to position themselves at the top of the green technology industry. Germany, despite its relative lack of sun, has become a leader in solar energy.

http://www.americablog.com/2009/06/g...0-billion.html

[Rev. Calibos]

It's unfortunate this project and other energy conservation efforts will be mired down with questions of viability or comments like:

It is seen as particularly significant that the companies aim to start the expensive initiative in the midst of a financial crisis

Or arguments like 'something like that will take a decade or more to complete.....'

Well, no shit. That's why we need to start like yesterday to get these projects up and running.

[Weetomuncher]

Energy is a massively important topic.

With the world population heading for seven billion, more needs to be done to provide clean and safe energy for those people as the needs of the world are going to rise for the foreseeable future with developing nations needing more electricity and the developed world using more and more technology.

Solar power needs investment to become more than just a green option. We have free sunlight all year round so why not use it to its full potential?

The massive investment from Germany can only be good for the future of energy.

[Charles RB]

That's pretty cool, though I'm more amazed people might spend £338bn in this economy.

(Also it's amusing to see the pound-euro-dollar exchange rate and seeing the pound winning. For now.)