Renewable energy is now a compelling alternative as it costs less than fossil fuels, says Michael Milken


Renewable energy is now a compelling alternative as it costs less than fossil fuels, says Michael Milken

Saving the environment is no longer the only compelling argument for switching to renewable energy, said Michael Milken, chairman of think tank Milken Institute, who pointed out that such energy sources are now cheaper than many fossil fuels.

Today, “for two-thirds of the world, renewables are cheaper than a significant amount of carbon-based energy, so it isn’t just an argument of environment, it’s now just pure economics,” Milken told CNBC at the Milken Institute Asia Summit in Singapore.

Investments in clean energy technology are increasing, which means that such new sources of fuel are becoming more cost efficient, he said.

“The state that has the lowest cost energy, Texas, is the state in the United States that has the largest amount of wind power,” said Milken. Read More

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