Warren Buffet Shows his Faith in Renewable Energy
Warren Buffet, one of the most successful businessmen ever, has shown his faith in renewable energy solutions like solar and wind by dedicating $3.5 billion to its cause.
PacifiCorp, a wholly owned subsidiary of Buffet’s Berkshire Hathaway, is responsible for allocating the billions of dollars in renewables. PacifiCorp is a leading utility provider in western states such as Oregon, California, and Washington.
They issued a press release yesterday (4/4/17) stating their intentions of developing a long-term renewable energy plan to better fit their customer’s needs. The plan is set to be in place by 2020.
Moving from coal to renewable energy
Currently, around 60% of its energy / electricity is generated using coal. The primary energy source they intend to utilize is the power genearated from their wind farms.
The renewable energy plan they have put in place is important on many different levels.
The White House has made it clear they intend to cut back on renewable energy and increase coal production. PacifiCorp is a leading utility provider in the West. Their move to renewable energy says a lot about their faith in the resource, and their commitment to clean energy.
Another key takeaway from this pledge is the fact that Warren Buffet is the man behind it all. Very rarely does Buffet make a poor business decision, and the decision to decrease coal and increase wind is, more than anything, a business decision.
While a lot of major companies in the United States look to move to renewable energy sources like wind and solar as a corporate sustainability responsibility, a utility provider as big as PacifiCorp is using it as a source for cheaper energy.
United States continues its push to clean energy
President Trump’s pledge to increase the United States’ coal production had a major impact on the renewable energy community, but it does not seem to have shaken industry leaders.
Major corporations such as Facebook and Microsoft continue to donate and invest in solar farms and companies like Wal-Mart continue their pursuit of running their buildings on 100% renewable energy.
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