What If We Just Buy Off Big Fossil Fuel? A Novel Plan to Mitigate the Climate Calamity
Photo Source Food & Water Watch | CC BY 2.0
As the nations of the world are gathered in Poland to fret about the state of the climate, there’s an unpleasant truth—one might say an inconvenient truth—that climate advocates have long refused to face: Big Fossil Fuel has beaten us.
We’ve done our damnedest to stop them from wrecking the climate, but they’re nonetheless pulling carbon from the ground in wondrous quantities. It was once astonishing that in the U.S. alone they could extract 55 quadrillion BTUs worth of oil, gas, and coal each year, as they did from 1970 to 2005. (A new home furnace puts out about 50,000 BTUs.) But 55,000,000,000,000,000 BTUs looks almost quaint now. Big Carbon extracted 60 quadrillion BTUs from U.S. soil in 2011, 70 quadrillion in 2015, and next year it’s expected to be 75 quadrillion. No wonder the 40 billion tons in CO2-equivalent greenhouse gases that our species emitted in 2001 became 45 billion in 2004, 50 billion in 2009, and 55 billion today. Climactivists have mostly preferred to ignore these ugly facts and focus instead on the impressive growth in renewable energy. And it is impressive. But here’s another somewhat inconvenient truth: We’re not using the new renewables to replace fossil fuels. We’re just using them to keep up with new energy demands—demands from our growing population and the newly consumptive lifestyles of once-poor peoples being lifted from their poverty. In short, Big Carbon is a juggernaut that we’ve hardly checked.
Sure, we’ve won some important skirmishes. We’ve gotten fracking banned in New York, Maryland, and Vermont. We’ve convinced big investors who control more than $7 trillion in assets to divest the $400 billion or so they once held in fossil fuels.
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