Bills are becoming more expensive because of fossil fuel use in the emerging economies, rather than the growth of renewables, according to Canadian Solar CEO, Shawn Qu.
Mr Qu said: “It is oil and gas because of quick growth of the economies in the BRIC countries (Brazil, Russia, India and China). The energy consumption global-wise will go up significantly in the next 20-30 years. So the price of conventional energy will go up and that’s the major cost.”
Speaking to ELN, he also defended renewable subsidies, saying that conventional fuels have in fact always been supported by the government: “The oil and gas industry receives far more tax breaks and other incentives than the renewable energy sector.”
The Canadian Solar boss added that subsidising renewables would in fact make them cheaper in the long term: “Incentives for renewables will help create a market and help the industry achieve scales of economy. Once that is achieved the cost of renewable energy will go down.”