Globally, approximately 33 percent of our energy comes from oil, followed by coal, gas, and hydroelectric power.
, enable the continued funding of precisely this kind of lobbying.
The worry with fossil fuels is that there is no far superior industry coming to sweep it aside and deliver vastly higher productivity. Instead, it’s deliberate policy trying to mitigate climate change with substitutes, notably renewable energy, that have some advantages and some disadvantages . If that’s coupled with surprising technological improvements — e.g., the dramatic fall in the cost of solar photovoltaics — this creates a lot of uncertainty about future demand.
Big enough of a divestment would destabilize the sector, but it does not seem to happen, certainly not since oil and gas companies made the astonishing profits of 2022. Too many investors are dependent on these shareholder distributions to simply walk away. Of course, that also highlights the risk of stranded assets down the road.
Climate change seems to be reinforcing inequalities. How does it do that, and shouldn’t this be an extra incentive for policymakers to push harder on policies that reduce reliance on fossil fuels and lead to a green transition? Of course, these renewables have to be integrated into an electricity grid, and appropriate and affordable end-use devices, like electric cars, also have to be available, but overall, the falling costs make this a more and more feasible proposition.
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