>But all of those oil wells and mines still exist. They will just find a market in developing countries such as Asia and Africa.
I have to disagree. Consider this - when countries in central europe, after the fall of Berlin Wall, began to invest into IT and Communication infrastructure they usually invested into the new technology, simply because that made more economic sense. They did not have to go through analog->digital, instead they jumped right into the newest tech.
Developing countries in Africa and Asia will be able to skip right into renewable and save money by not having to build new power lines, new power plants, transfer stations etc.
Renewables will grow much faster than most people anticipate, and since the demand for fossil fuels will drop, their price will grow, which in turn will turn renewable into even better investment.
True, that might be the case as power plants and infrastructure are expensive. But there's also existing infrastructure and there is a lot of industry already in place supporting fossil fuels, such as equipment makers, manufacturers, and fuel suppliers.
These operations won't necessarily just go out of business or just become renewable energy firms, they will likely drop prices and sell to other developing markets.
Renewable energy is largely defined by high upfront capital costs but long term savings (solar panels, wind turbines). This is the primary barrier that I see in poorer countries. The cost of fossil fuels is more distributed over time as you buy cheap engines and pay more over time for the fuel.
Again this is the short term side effects. Eventually it will shift to green tech as there will also be social pressures, not just economic ones. It will also be a positive benefit as prices drop and helps develop industry - even if their are climate costs.
I have to disagree. Consider this - when countries in central europe, after the fall of Berlin Wall, began to invest into IT and Communication infrastructure they usually invested into the new technology, simply because that made more economic sense. They did not have to go through analog->digital, instead they jumped right into the newest tech.
Developing countries in Africa and Asia will be able to skip right into renewable and save money by not having to build new power lines, new power plants, transfer stations etc. Renewables will grow much faster than most people anticipate, and since the demand for fossil fuels will drop, their price will grow, which in turn will turn renewable into even better investment.