In recent years, Google has been investing more and more into renewable energies, to the tune of around $1 billion. While investing in renewable energy is good for the environment, that is not the only benefit Google has in mind.
Google (NASDAQ: GOOG) has spent billions over the past few years investing in renewable energy projects and trying in general to cut its impact on the environment. Google is a successful business, and these investments have not been just for the benefit of the environment, or to increase their sense of wellbeing; they are investments made with a goal to making a profit in the future.
Rick Needham, the director of energy and sustainability at Google recently gave a presentation at the Cleantech Forum in San Francisco, in which he explained that, “while fossil-based prices are on a cost curve that goes up, renewable prices are on this march downward.”
Google hope that investments made now will put them in a strong position in the future when renewable energy becomes much cheaper than fossil fuels.
While Google’s reasons for this particular investment are rooted in future profitability, this could result in more companies investing in renewable technology, helping to propel renewable technology innovation and bring the costs down across the board.