The first involves a change in subsidy policies. If those fossil fuel subsidies were withdrawn, it would result in more accurate fuel prices which would reduce excessive oil and coal consumption. The establishment of equivalent subsidies for renewable energy sources would provide major incentives for the world s energy companies to invest in fuel cells and solar, photovoltaic, biomass and wind power. In short, it would provide the liftoff boost to propel renewable energy into the big league of global industry. The second strategy involves the adoption of progressively more stringent fossil fuel efficiency and renewable content standards together with the elimination of regulations which support inefficient monopoly utilities and wasteful energy use.
Similar efficiencies are obtainable in transportation, industrial and heating use.
The institution of progressive efficiency and renewable standards in the developed nations and the elimination or modernization of regulatory barriers would strengthen energy competition based on the criteria of efficiency, low-emissions and price. The adoption of similar standards by the developing nations as well would create an immediate world-wide market for renewable energy. The third element of the plan involves technology transfer and cooperation to promote renewable and efficient energy technologies in the developing countries. Virtually all developing nations would be happy to switch to solar, wind and fuel-cell power. Virtually none is able to afford an energy transition on its own.