Some major companies made some big announcements at theBloomberg New Energy Finance Summit earlier this month.
BP will invest almost $2 billion this year in alternative energy, more than the London-based oil company has previously stated, said Katrina Landis, chief executive of the company’s low-carbon unit.
Also, Bank of America Corp. will consider expanding its program to lend $20 billion for renewable energy by 2020 once the goal has been reached.
Bloomberg New Energy Finance estimated the cost of developing a solar power project will fall by half in the next decade worldwide, making energy from the sun more competitive with fossil fuels. The investments these big companies are making will only help improve technology and help drive down cost further.
Seems like the world is gaining a little more faith in the success of clean energy.