Google (GOOG) Wants to Spark a "Green Electricity Revolution"
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Google, Inc. (Nasdaq: GOOG) today announced a new strategic initiative that completely diverges from anything Google has ever done: it will attempt to develop electricity from renewable energy sources that will be cheaper than electricity produced from coal. The new initiative will be partnering with Google.org, the philanthropic arm of Google, and has been accordingly named "Renewable Energy Cheaper Than Coal".
Following the new Wall Street trend of "going green", Google sets its sights on one of the most prominent, yet probably one of the most difficult concepts to tackle: finding renewable energy to take the place of coal, which generates about 40% of the world's electricity. Finding a renewable source of energy to replace coal would have a great positive effect on the world's economy, in addition to the Earth's environment and climate. Specifically, transportation emissions from coal-powered vehicles makes up about 20% of the world's greenhouse gas pollution, which is often tied to global warming, etc.
In regards to the new initiative, Larry Page, Google's Co-founder and President of Products, said "Our goal is to produce one gigawatt of renewable energy capacity that is cheaper than coal. We are optimistic this can be done in years, not decades." Seeing how one gigawatt could power a city the size of San Fransisco, Page's statement seems to become a bit lofty.
On the other hand, Google has already planned several parts of the initiative that seem promising, yet very simple.
To begin, Dr. Larry Brilliant, Executive Director of Google.org, explains it well, saying "by funding research on promising technologies, investing in promising new companies, and doing a lot of R&D ourselves, we may help spark a green electricity revolution that will deliver breakthrough technologies priced lower than coal."
In order to find this new source of energy, Google expects to begin researching advanced solar thermal technology, wind power technology and geothermal technology.
Sergey Brin, Google Co-founder and President of Technology, said, "Cheap renewable energy is not only critical for the environment but also vital for economic development in many places where there is limited affordable energy of any kind."
As Google begins to branch off from its core businesses, investors are worried that it is biting off more than it can chew. To the contrary, Google's initiatives could spur even more growth if they hit a jackpot. Who knows. But with all that cash and growth potential, if anyone can do it, it will be Google.
Following the new Wall Street trend of "going green", Google sets its sights on one of the most prominent, yet probably one of the most difficult concepts to tackle: finding renewable energy to take the place of coal, which generates about 40% of the world's electricity. Finding a renewable source of energy to replace coal would have a great positive effect on the world's economy, in addition to the Earth's environment and climate. Specifically, transportation emissions from coal-powered vehicles makes up about 20% of the world's greenhouse gas pollution, which is often tied to global warming, etc.
In regards to the new initiative, Larry Page, Google's Co-founder and President of Products, said "Our goal is to produce one gigawatt of renewable energy capacity that is cheaper than coal. We are optimistic this can be done in years, not decades." Seeing how one gigawatt could power a city the size of San Fransisco, Page's statement seems to become a bit lofty.
On the other hand, Google has already planned several parts of the initiative that seem promising, yet very simple.
To begin, Dr. Larry Brilliant, Executive Director of Google.org, explains it well, saying "by funding research on promising technologies, investing in promising new companies, and doing a lot of R&D ourselves, we may help spark a green electricity revolution that will deliver breakthrough technologies priced lower than coal."
In order to find this new source of energy, Google expects to begin researching advanced solar thermal technology, wind power technology and geothermal technology.
Sergey Brin, Google Co-founder and President of Technology, said, "Cheap renewable energy is not only critical for the environment but also vital for economic development in many places where there is limited affordable energy of any kind."
As Google begins to branch off from its core businesses, investors are worried that it is biting off more than it can chew. To the contrary, Google's initiatives could spur even more growth if they hit a jackpot. Who knows. But with all that cash and growth potential, if anyone can do it, it will be Google.
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