Google Continues Investing In Renewable Energy (GOOG)

In an interview published on Wednesday, Google GOOG reiterated that it is still working towards making renewable energy cheaper than coal for consumers, but it expects to reach its goal in the long-term. According to Reuters, Google Advisor Rick Needham said, “We're still moving forward. I think that is an important goal and a very aspirational goal, but we are doing what we can”. One of Google's biggest focuses will be on wind turbine technology to supply power along railroad lines and computer server farms. Wind energy is both clean and renewable and in the age of eco-friendliness, it may be likely that the use of these alternative energy options will only increase in the future. Not only does the public wish to be more eco-friendly, but the general frustration with the volatility of oil prices and reliance on foreign sources of oil is driving the push for using other sources of energy. Politically, President Obama has stated that his goal is to have 80% of U.S. electricity to be generated by “clean” energy sources by 2035. He specifically cited wind, solar, nuclear, and cleaner forms of coal and natural gas. “The Internet search giant said in late 2007 it would invest hundreds of millions of dollars in solar, wind and geothermal technologies to help make renewables cost competitive with coal, reviled by environmentalists for its emissions,” says Reuters. At the time, Google co-founder Larry Page stated the company was confident it could meet the goal within years, not decades. However, this was prior to the economic downturn, which caused the amount of people willing to make significant investments in renewable energy. Reuters reports, “On April 18, the company said it would invest about $100 million in the world's largest wind farm under construction in Oregon, a $2 billion project called Shepards Flat.” To date, Google has already made more than $350 million in additional investments for renewable energy. Needham added that Google is also exploring enhanced geothermal renewable opportunities, which uses existing heat from deep underground to produce energy.