Obama Admonishes Fossil Fuel ‘Rent Seekers’ (Video)

Obama Speech - Clean Energy Summit

In a speech delivered earlier today at the National Clean Energy Summit, US President Barack Obama issued a very clear reprimand to those who stand in the way of the renewable energy revolution.

During the speech, the President highlighted his Administration’s track record on renewables, mentioned individual states’ efforts, plus some solar power technology and business model developments.

He also spoke about his recently-unveiled Clean Power Plan, which will result in 30% more renewable energy generation in 2030 and cheaper power bills.

With regard to residential solar, the President mentioned the number of US households with rooftop solar panels has grown from fewer than 20,000 to about 600,000 over the past decade, with more than 80 percent of that capacity added in the past four years. The US DoE Annual Energy Outlook 2014 projects 900,000 to 3.8 million homes in the US will have solar by 2020.

While generally a very upbeat speech, he didn’t mince words when it came to addressing those against renewables.

The President acknowledged while there would be some legitimate issues relating to rapid change in the energy sector, resistance from some fossil fuel interests wishing to protect the “old, outdated status quo” is and would continue to be a challenge.

“.. when you start seeing massive lobbying efforts backed by fossil fuel interests, or conservative think tanks, or the Koch brothers pushing for new laws to roll back renewable energy standards or prevent new clean energy businesses from succeeding — that’s a problem,” said the President.

” That’s not the American way. That’s not progress. That’s not innovation. That’s rent seeking(*) and trying to protect old ways of doing business and standing in the way of the future.”

The President warned the opposition to clean, renewable energy would further increase its attacks as the revolution gained steam.

“Folks whose interests or ideologies run counter to where we need to go, we’ve got to be able to politely, but firmly say, sorry, we’re moving forward,” he said.

“We refuse to surrender the hope of a clean energy future to those who fear it and fight it, and sometimes provide misinformation about it.”

The full text of President Obama’s speech can be viewed here.

* Rent seeking is defined by Investopedia as “when a company, organization or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation.”

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