[Graeme]

No your reasoning is false: we do not need conventional oil at all. It's the FF industry who are promoting this garbage. We can make other forms of renewable lubrication and provide substitutes for rare elements required in the RE industry. You don't need to keep digging up natural resources to grow the economy. I've already pointed out many times that you can recycle much of the rare elements and move toward a predominant service economy using RE and energy efficiency to power it.

Could the World Be 100 Percent Solar?

Perhaps the only thing more unrealistic than the idea of a modern world powered 100 percent on solar energy is the idea that extracting every last bit of fossil energy is sustainable, good for the long-term economy or a habitable planet.

Building a new energy economy is fraught with many challenges. Many of them are technical – but these challenges can be overcome. With each passing year solar energy gets cheaper. more efficient and more widespread. perhaps the most difficult challenge to overcome is not technical, but envisioning a new world.

I can’t say if a modern, energy-intensive society could run 100 percent on solar (it doesn’t have to anyway, other forms of renewable energy are available and growing as well).

What I can say is that a continued and accelerating reliance on fossil fuels and the determination to extract every last bit of it from the earth to power that world is how we can make 100 percent sure that one day it will end forever.

The following infographic outlines some key facts and figures about solar energy vs. fossil fuel.

theenergycollective

Big infographic can be viewed here.

[Quinny]

Well your reasoning is obviously spot on!

No your reasoning is false: we do not need conventional oil at all.

[Graeme]

Let's qualify that by adding "once the world has reached 100% renewable energy status".

[ralfy]

No your reasoning is false: we do not need conventional oil at all. It's the FF industry who are promoting this garbage. We can make other forms of renewable lubrication and provide substitutes for rare elements required in the RE industry. You don't need to keep digging up natural resources to grow the economy. I've already pointed out many times that you can recycle much of the rare elements and move toward a predominant service economy using RE and energy efficiency to power it.

Could the World Be 100 Percent Solar?

Perhaps the only thing more unrealistic than the idea of a modern world powered 100 percent on solar energy is the idea that extracting every last bit of fossil energy is sustainable, good for the long-term economy or a habitable planet.

Building a new energy economy is fraught with many challenges. Many of them are technical – but these challenges can be overcome. With each passing year solar energy gets cheaper. more efficient and more widespread. perhaps the most difficult challenge to overcome is not technical, but envisioning a new world.

I can’t say if a modern, energy-intensive society could run 100 percent on solar (it doesn’t have to anyway, other forms of renewable energy are available and growing as well).

What I can say is that a continued and accelerating reliance on fossil fuels and the determination to extract every last bit of it from the earth to power that world is how we can make 100 percent sure that one day it will end forever.

The following infographic outlines some key facts and figures about solar energy vs. fossil fuel.

theenergycollective

Big infographic can be viewed here.

How can my reasoning be false when the use of FF for mining, manufacturing, and transporting RE components is the current practice? Or are you confusing what has been taking place with what you envision will take place?

Second, are you aware that mining and other aspects of manufacturing also lead to pollution, which in turn is part of environmental damage? Or do you think environmental damage involves only FF and air pollution?

Third, your point about recycling and growth makes no sense at all. As you pointed out, recycling is helpful for a static economy. That means there is no wastage. But growth requires increased use of natural resources, unless you are now claiming that recycling leads to net increases in material resources but with no increased extraction of natural resources. That's like creating matter out of nothing.

Fourth, RE involves not only rare elements but also iron ore, copper, petrochemicals, fresh water, etc.

Fifth, the point isn't just 100-pct RE (which also is already questionable) but going beyond that because of economic growth, especially when more credit is added to a market that currently has a notional value of over a quadrillion dollars, or many times the size of the current global economy. Just to give value to that and to a growing global middle class will require at least one additional planet.

[Keith_McClary]

It will have 30 megawatts of power capacity, and the battery storage facility will have 11 megawatts.

What does that mean?

[Graeme]

R, Your extremely weak arguments are not going to dissuade me that RE and economic growth are essential. I'm not going to supply a point by point rebuttal every time you post.
K, We've discussed this before in the storage thread.

Six Renewable Energy Trends to Watch in 2015

2014 was a solid twelve months, for the most part, for renewable technologies. Solar firmly solidified its role as a major source of power in the future, LED sales continued to climb and investors began to more seriously look how efficiency gains can be measured and hence monetized in large commercial buildings. Meanwhile, large utilities began to question the long-term value of coal-burning power plants, a slide in oil prices gave investors the willies and nuclear advocates saw their once-theorized Renaissance get pushed out again.

Heck, even the DOE loan program that was so intently scrutinized during the Solyndra fiasco posted a profit.

It was a very good year.

So what’s on tap for 2015?

1. Finance Enters its Cambrian Period

Over the past few years, some of the big success stories in clean technology have been companies such as SunRun, Clean Power Finance and SunEdison that have developed and/or promoted innovative ways for consumers or businesses to fund efficiency or renewable projects. Renovate America went from being a company few had heard of in the beginning of 2014 to arguably the breakout success story of the year with its HERO program for improving the efficiency of homes in California.

You’d think the market was saturated already, but you’re going to see the launch of a whole new raft of companies next year. Jigar Shah just launched Generate Capital. Clean Fund is coming out of stealth. There are a whole bunch of others that haven’t been announced yet. In a nutshell, investors have seen enough data to realize that solar and even efficiency retrofits can provide a solid, stable return on investment that will beat bond funds but with far less volatility than the stock market. Large banks will also increasingly expand their clean loan portfolio.

renewableenergyworld

The Seven Most Attractive Nations For Renewable Investments: Part 1

Climate change is upon us. The signs are everywhere, for anyone not actively denying them. So are the avenues to change our planet for the better, though some nations have not yet resolved to pursue them. So who are the seven most attractive nations for renewable investments?

The US is a nation divided, when it comes to renewable energy. Both wind and solar energy were invented in America, then left for other nations to develop. Though President Barack Obama’s administration has attempted to catch up, it faces entrenched resistance from a Republican party that now controls both houses of the US Congress. The next Chair of the Senate Environment and Public Works Committee will probably be a “climate change denier.” The most likely candidate is Oklahoma Senator James Inhofe, author of The Greatest Hoax: How the Global Warming Conspiracy Threatens Your Future.


China assumed world leadership, in terms of funding renewable growth, in 2012. It invested $57.9 billion, compared to $40.3 billion in the US. The Chinese were #1 again in 2013, spending $54.2 to America’s 36.7 billion.

Despite this, the US was #1 in the Renewable Energy Country Attractiveness Index (RECAI) from mid 2013 until last September. It is now #2.

The US might be able to resume leadership in the renewable sector, if it could make a concerted effort. Some call for the goal of obtaining 80% of its energy from renewable sources by 2050. This seems unlikely, given the Republican party’s control of both Houses, and the Obama Administration’s renewed commitment to developing cleaner fossil fuels. Future generations will most likely look back on Barack Obama’s Presidency as the defining moment in the nation’s energy development. As a nation, America will most likely play an increasingly diminishing role in the renewable sector during the decades to come.

Whether this is a bad thing or not remains to be seen. Many US-based corporations have expanded to the point that they would more accurately called “International” than “American.” This growth into a global economy will continue, regardless of which nations are in the van. Any substantial reductions in global GHG emissions can help curtail the impact of climate change. The US can play a valuable role by cleaning up its’ fossil fuel sector.

cleantechnica

[Graeme]

P, FF dependence is diminishing, dah. Why are you here on this board? Dependence on RE can only increase. Again the trend toward recycling despite some setbacks will also increase. Take note of posts in sustainability and circular economy threads.
I've covered storage units in the storage thread. Don't lecture to me.
You think that solar is going to stay at "0.43%"? You are mistaken.

[Graeme]

P/R, Yes there is some merit in looking at thermodynamics and recycling. I found the following ref chosen at random which summarizes the state of the art in 2008.

In general this area is just being developed as recycling grows in importance, and new developments and applications can be expected. For example, there are several efforts that
address the application of various entropic metrics for characterizing and optimizing recycling and other end-of-life processes.

I don't want to talk about units in this thread. As I said I've covered it in the other thread. As for your prediction of doubling solar in my lifetime, that's laughable. The IEA is predicting solar PV to provide 16% and solar thermal 11% of world's electricity by 2050. Furthermore, the IEA say:

The renewable energy sector is demonstrating its capacity to deliver cost reductions, provided that appropriate policy frameworks are in place and enacted. Deployment is expanding rapidly. Non-hydro renewables, such as wind and solar PV, are increasing at double-digit annual growth rates. Costs have been decreasing and a portfolio of renewable energy technologies is becoming cost-competitive in an increasingly broad range of circumstances. Established technologies such as hydro and geothermal are often fully competitive. Where resources are favourable, technologies such as onshore wind are almost competitive. However, economic barriers remain important in many cases. In general, costs need to be reduced further. Moreover, fossil fuel subsidies and the lack of a global price on carbon are significant barriers to the competitiveness of renewables.

[Graeme]

Actually, you've pointed out a very important topic that I don't want to discuss further in this thread. Please see the circular economy thread where I will post key extracts from the wiki article on recycling.

[ralfy]

R, Your extremely weak arguments are not going to dissuade me that RE and economic growth are essential. I'm not going to supply a point by point rebuttal every time you post.
K, We've discussed this before in the storage thread.

Six Renewable Energy Trends to Watch in 2015

2014 was a solid twelve months, for the most part, for renewable technologies. Solar firmly solidified its role as a major source of power in the future, LED sales continued to climb and investors began to more seriously look how efficiency gains can be measured and hence monetized in large commercial buildings. Meanwhile, large utilities began to question the long-term value of coal-burning power plants, a slide in oil prices gave investors the willies and nuclear advocates saw their once-theorized Renaissance get pushed out again.

Heck, even the DOE loan program that was so intently scrutinized during the Solyndra fiasco posted a profit.

It was a very good year.

So what’s on tap for 2015?

1. Finance Enters its Cambrian Period

Over the past few years, some of the big success stories in clean technology have been companies such as SunRun, Clean Power Finance and SunEdison that have developed and/or promoted innovative ways for consumers or businesses to fund efficiency or renewable projects. Renovate America went from being a company few had heard of in the beginning of 2014 to arguably the breakout success story of the year with its HERO program for improving the efficiency of homes in California.

You’d think the market was saturated already, but you’re going to see the launch of a whole new raft of companies next year. Jigar Shah just launched Generate Capital. Clean Fund is coming out of stealth. There are a whole bunch of others that haven’t been announced yet. In a nutshell, investors have seen enough data to realize that solar and even efficiency retrofits can provide a solid, stable return on investment that will beat bond funds but with far less volatility than the stock market. Large banks will also increasingly expand their clean loan portfolio.

renewableenergyworld

The Seven Most Attractive Nations For Renewable Investments: Part 1

Climate change is upon us. The signs are everywhere, for anyone not actively denying them. So are the avenues to change our planet for the better, though some nations have not yet resolved to pursue them. So who are the seven most attractive nations for renewable investments?

The US is a nation divided, when it comes to renewable energy. Both wind and solar energy were invented in America, then left for other nations to develop. Though President Barack Obama’s administration has attempted to catch up, it faces entrenched resistance from a Republican party that now controls both houses of the US Congress. The next Chair of the Senate Environment and Public Works Committee will probably be a “climate change denier.” The most likely candidate is Oklahoma Senator James Inhofe, author of The Greatest Hoax: How the Global Warming Conspiracy Threatens Your Future.


China assumed world leadership, in terms of funding renewable growth, in 2012. It invested $57.9 billion, compared to $40.3 billion in the US. The Chinese were #1 again in 2013, spending $54.2 to America’s 36.7 billion.

Despite this, the US was #1 in the Renewable Energy Country Attractiveness Index (RECAI) from mid 2013 until last September. It is now #2.

The US might be able to resume leadership in the renewable sector, if it could make a concerted effort. Some call for the goal of obtaining 80% of its energy from renewable sources by 2050. This seems unlikely, given the Republican party’s control of both Houses, and the Obama Administration’s renewed commitment to developing cleaner fossil fuels. Future generations will most likely look back on Barack Obama’s Presidency as the defining moment in the nation’s energy development. As a nation, America will most likely play an increasingly diminishing role in the renewable sector during the decades to come.

Whether this is a bad thing or not remains to be seen. Many US-based corporations have expanded to the point that they would more accurately called “International” than “American.” This growth into a global economy will continue, regardless of which nations are in the van. Any substantial reductions in global GHG emissions can help curtail the impact of climate change. The US can play a valuable role by cleaning up its’ fossil fuel sector.

cleantechnica

I am not countering the point that RE and economic growth are essential. What I am saying is that economic growth is not possible solely with RE, for the simple reason that RE components are made using material resources and energy, that infrastructure and consumer goods also require material resources and energy, and that economic growth requires even more material resources and energy.

The only way for you to show that my arguments are "extremely weak" is to demonstrate that RE components, infrastructure to distribute energy, and consumer goods that will use that energy are made virtually.

[Graeme]

No, your assumptions are false. We can have economic growth solely with RE because most of the components are not that rare - silica for example. Decoupling of GDP from energy has already begun - we've discussed this before. In any case, we are both making such broad generalizations without knowing all details. That's why the arguments are weak. We haven't a clue what decisions are made in board rooms and governments on a day-to-day basis nor do we know all business plans. On top of that we don't have all knowledge published at our fingertips. We make generalizations based on scant knowledge. I'm hoping for the best; you want to put a spanner in the works. New knowledge emerges every day. For example:

Scientists use supercomputers to search for innovative answers to rare-earth supply needs

Daily, new inventions are increasing the uses for rare-earths, but the mined and processed totals are falling short. Green energy technology needs rare earth materials for wind turbines, rechargeable batteries, and batteries for electric and hybrid vehicles. Although these elements are found throughout the world, as recently as 2012 the United States produced only 800 metric tons of the global production of 110,000 tons. This amount - far short of its needs - means the United States is relying on uncertain and costly imports for manufacturing and energy output. Researchers in the Critical Materials Institute (CMI) at the DOE's Ames Laboratory are looking for innovative answers to rare-earth supply problems. As an Energy Innovation Hub funded out of the Advanced Manufacturing Office in the Office of Energy Efficiency and Renewable Energy, the CMI mission is to diversify the global supply, discover substitutes, and invent new ways to re-use and recycle the rare-earths.


A team led by Ames Laboratory senior scientist Bruce Harmon - who recently retired - has been given up to 45 million core hours on Titan to look at multi-element materials. With its 27 petaflops (27,000 trillion calculations per second) processing power, Titan is able to examine the interactions of hundreds of thousands of atoms in three- and even four-element compounds.

"We finally have the computing capability to explore greater complexities using quantum mechanics – greater numbers of atoms, the possible crystal structures, and their properties," said Harmon. With the data from Titan's calculations, Harmon's team will select promising compositions as new magnetic materials to test.

phys.org

Now for more news on RE development:

BREAKING: California Governor Calls For 50 Percent Renewable Power

On Monday, California Governor Jerry Brown gave the inaugural address for his unprecedented fourth term as governor of California. Brown used the speech as an opportunity to look back at how far the state has come since he was first elected 40 years ago, and to look ahead at the daunting tasks of the future.

Along the way California has been a nationwide leader and energy and environmental initiatives, and Brown used the occasion to lay out some ambitious targets as part of the speech’s broader focus on the importance of the state’s green agenda.

Brown listed three main goals to be accomplished within the next 15 years: First, to increase the amount of electricity the state derives from renewable sources from one-third to 50 percent. Second, to reduce petroleum use in cars and trucks by up to 50 percent. And the governor’s final goal is to double the efficiency of existing buildings and make heating fuels cleaner.

thinkprogress

India’s solar dream fuelled by global trends

India’s plan to install 100 GW capacity of solar-generated electricity by 2022, a five-time increase from a previous target, only follows a global trend that has seen a sudden and massive jump in the deployment of solar power in the last four years.

The global installed capacity of solar electricity has increased by six times between 2010 and 2013. At the end of 2009, the total installed capacity was 23 GW. In the next four years, an average of about 28 GW was added every year, taking it to 135 GW by the end of 2013.

According to figures published by the International Energy Agency (IEA) a few months ago, more than 36 GW of new solar capacity was added in 2013, or about 100 MW per day (see box).

This explosion has led to projections for the future being revised upwards by significant amounts. In 2010, the IEA had said that by 2020, about 210 GW of solar electricity would be installed. Now, that target is likely to be achieved this year itself. In its latest projection, in 2014, the IEA said the total installed capacity in 2020 would easily exceed 400 GW.

indianexpress

Scotland Takes Lead in Race for the World's First Fossil-Fuel Free Electric Grid

Consider this: Wind power met all of Scotland’s electricity demand in November, with power to spare for export to the rest of the U.K., according to the environmental group WWF Scotland. In December, wind met country-wide demand for electricity in 25 of 31 days.

For the year, renewable energy and fossil fuels each supplied 32 percent of Scotland’s electricity, while nuclear energy provided 35 percent, according to the U.K. Department of Climate Change.

A new analysis commissioned by WWF Scotland describes how the nation of 5.3 million could eliminate fossil fuels and nuclear energy in just 15 years. How? By combining annual reductions in energy use by 1 percent a year while adding more wind and hydropower and improving the efficiency of the electrical grid.

takepart

[Graeme]

Rubbish - see page 1 of this thread:

We discussed earlier that GDP growth has decoupled from energy consumption. As noted on page three (see part 1 old thread), in the US, this decoupling occurred within the last few years by a combination of a switch from coal to natural gas, greater energy efficiency, and a rise in renewable power (in order of importance). So your conclusions are false.

[ralfy]

No, your assumptions are false. We can have economic growth solely with RE because most of the components are not that rare - silica for example. Decoupling of GDP from energy has already begun - we've discussed this before. In any case, we are both making such broad generalizations without knowing all details. That's why the arguments are weak. We haven't a clue what decisions are made in board rooms and governments on a day-to-day basis nor do we know all business plans. On top of that we don't have all knowledge published at our fingertips. We make generalizations based on scant knowledge. I'm hoping for the best; you want to put a spanner in the works. New knowledge emerges every day. For example:

Scientists use supercomputers to search for innovative answers to rare-earth supply needs

Daily, new inventions are increasing the uses for rare-earths, but the mined and processed totals are falling short. Green energy technology needs rare earth materials for wind turbines, rechargeable batteries, and batteries for electric and hybrid vehicles. Although these elements are found throughout the world, as recently as 2012 the United States produced only 800 metric tons of the global production of 110,000 tons. This amount - far short of its needs - means the United States is relying on uncertain and costly imports for manufacturing and energy output. Researchers in the Critical Materials Institute (CMI) at the DOE's Ames Laboratory are looking for innovative answers to rare-earth supply problems. As an Energy Innovation Hub funded out of the Advanced Manufacturing Office in the Office of Energy Efficiency and Renewable Energy, the CMI mission is to diversify the global supply, discover substitutes, and invent new ways to re-use and recycle the rare-earths.


A team led by Ames Laboratory senior scientist Bruce Harmon - who recently retired - has been given up to 45 million core hours on Titan to look at multi-element materials. With its 27 petaflops (27,000 trillion calculations per second) processing power, Titan is able to examine the interactions of hundreds of thousands of atoms in three- and even four-element compounds.

"We finally have the computing capability to explore greater complexities using quantum mechanics – greater numbers of atoms, the possible crystal structures, and their properties," said Harmon. With the data from Titan's calculations, Harmon's team will select promising compositions as new magnetic materials to test.

phys.org

Now for more news on RE development:

BREAKING: California Governor Calls For 50 Percent Renewable Power

On Monday, California Governor Jerry Brown gave the inaugural address for his unprecedented fourth term as governor of California. Brown used the speech as an opportunity to look back at how far the state has come since he was first elected 40 years ago, and to look ahead at the daunting tasks of the future.

Along the way California has been a nationwide leader and energy and environmental initiatives, and Brown used the occasion to lay out some ambitious targets as part of the speech’s broader focus on the importance of the state’s green agenda.

Brown listed three main goals to be accomplished within the next 15 years: First, to increase the amount of electricity the state derives from renewable sources from one-third to 50 percent. Second, to reduce petroleum use in cars and trucks by up to 50 percent. And the governor’s final goal is to double the efficiency of existing buildings and make heating fuels cleaner.

thinkprogress

India’s solar dream fuelled by global trends

India’s plan to install 100 GW capacity of solar-generated electricity by 2022, a five-time increase from a previous target, only follows a global trend that has seen a sudden and massive jump in the deployment of solar power in the last four years.

The global installed capacity of solar electricity has increased by six times between 2010 and 2013. At the end of 2009, the total installed capacity was 23 GW. In the next four years, an average of about 28 GW was added every year, taking it to 135 GW by the end of 2013.

According to figures published by the International Energy Agency (IEA) a few months ago, more than 36 GW of new solar capacity was added in 2013, or about 100 MW per day (see box).

This explosion has led to projections for the future being revised upwards by significant amounts. In 2010, the IEA had said that by 2020, about 210 GW of solar electricity would be installed. Now, that target is likely to be achieved this year itself. In its latest projection, in 2014, the IEA said the total installed capacity in 2020 would easily exceed 400 GW.

indianexpress

Scotland Takes Lead in Race for the World's First Fossil-Fuel Free Electric Grid

Consider this: Wind power met all of Scotland’s electricity demand in November, with power to spare for export to the rest of the U.K., according to the environmental group WWF Scotland. In December, wind met country-wide demand for electricity in 25 of 31 days.

For the year, renewable energy and fossil fuels each supplied 32 percent of Scotland’s electricity, while nuclear energy provided 35 percent, according to the U.K. Department of Climate Change.

A new analysis commissioned by WWF Scotland describes how the nation of 5.3 million could eliminate fossil fuels and nuclear energy in just 15 years. How? By combining annual reductions in energy use by 1 percent a year while adding more wind and hydropower and improving the efficiency of the electrical grid.

takepart

My assumption is that most of the components of RE, together with the infrastructure and consumer goods, consists not of rare elements but petrochemicals, copper, iron ore, cement, etc. They also require fresh water, FF for engines used in mining, transport, etc. These include large mining equipment and container ships.

As more credit is generated from sales of goods and services, then even more material resources and energy will be needed.

[ralfy]

Rubbish - see page 1 of this thread:

We discussed earlier that GDP growth has decoupled from energy consumption. As noted on page three (see part 1 old thread), in the US, this decoupling occurred within the last few years by a combination of a switch from coal to natural gas, greater energy efficiency, and a rise in renewable power (in order of importance). So your conclusions are false.

Because GDP also consists of credit, one way of decoupling that from energy consumption is to create more money. But ultimately, money has to be backed by goods and services, which means GDP is ultimately driven by energy and material resources used.

And because FFs are used in manufacturing, food production, etc., then this explains why world GDP growth correlates with oil supply growth:

http://ourfiniteworld.com/2012/07/18/ho ... dp-growth/

[Graeme]

More meaningless generalized gobbledygook. I just pointed out to you that GDP and "energy" decoupled in the USA a few years ago. You show a figure in your link that has data which ends in 2011! That's when decoupling started.

Now I'll show you more recent data for renewable energy growth and better economic policy.

Fact Sheet: Renewable Energy Job Numbers

A 2013 report from the Bureau of Labor Statistics (BLS) found 3.4 million green jobs in the United States at the end of 2011. This is the latest data available from BLS, due to the elimination of its Green Careers program. On March 1, 2013, the across-the board spending cuts referred to as sequestration, required by the amended Balanced Budget and Emergency Deficit Control Act, came into effect. As part of those budget cuts, BLS stopped offering all “measuring green jobs” products.

The BLS Green Jobs Initiative to measure green jobs across the United States was operational beginning in fiscal year 2010. The Initiative sought to provide reliable data to the public on the number of existing green jobs in the country, the changes in job numbers over time, the distribution of green jobs, and the wages workers earn in these jobs. BLS defined “green jobs” as jobs that “produce goods or provide services that benefit the environment or conserve natural resources.” The data BLS provided on green jobs for 2009, 2010 and 2011, has been widely used by government agencies, think tanks, and non-profit organizations. The lack of reliable data updates from BLS is a big loss for green job estimates.

Nevertheless, the Environmental and Energy Study Institute (EESI) was able to cite the job figures below using data from the U.S. Department of Energy (DOE) and the Bureau of Labor Statics (BLS), as well as international organizations, national non-profits, think tanks and national trade associations.

renewableenergyworld

Piketty: 'The Myth Of National Sovereignty Helps Big Corporations Screw Us Over'

French economist Thomas Piketty has put inequality back on the map and is being hailed as the Karl Marx of the 21st century. He talked to Max Tholl and Florian Guckelsberger about globalization gone wrong, a Eurozone parliament and our obsession with economic growth.


Piketty: The book is by no means an attack against the globalized world; it’s an attempt to reconcile globalization and global economic competition with global justice. I firmly believe that globalization is a positive-sum game that serves all our interests. But we must find ways and develop institutions to ensure that everybody benefits from it. If a rising percentage of the public thinks that a disproportionate share of the benefits of globalization goes to the financial sector or large multinational companies, then there is a great danger that people like Marine Le Pen will be able to successfully drive the anti-globalization agenda and revitalize nationalism.

The European: Does it bother you that she uses your book to back up her arguments?


Piketty: I am advocating all the things she opposes in Europe: a closer political and fiscal union, more cooperation, etc. So I think that people will realize that we’re not on the same side. But let me make it clear that the book is actually more about the history of inequality rather than the way ahead. I am much better at analyzing the past than predicting the future. I actually want people to disagree with my conclusions and write their own. I wanted to provide the data and bring the debate about inequality back on the political and economic center stage.

The European: You just spoke about the need for strong institutions to regulate the effects of globalization. Do you have any specific examples in mind?


Piketty: The existing institutions can no longer cope with the effects of globalization. The IMF and the World Bank are insufficient to deal with the problems created by globalization. If we want to have a regulated globalization that benefits the majority of people, then we need closer political and fiscal cooperation. The European Union has clearly failed to deliver the kind of regulation we need. The institutions need to be fundamentally restructured if we want to have a common corporate tax in the future or fight tax havens more efficiently, for example.


Piketty: I am not at all growth-averse. The first two chapters of my book should make it clear that I am not a zero-percent-growth advocate but that I believe in both population and productivity growth as a remedy against inequality. The only problem is that economic growth is still very damaging to the environment. I am confident that innovations will enable us to grow sustainably but we should not be as naïve as to believe that growth will solve all our problems. We need a Plan B.

huffingtonpost