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As Coal Use Drops, Investors Blow Nearly $1 Trillion Globally on Unnecessary New Plants



The bankers know that their loans to build these dragons will be backstopped by governments; the energy business is not just dirty, it is very corrupt.


It might be in the United States enlightened self-interest to tax emissions to raise the price to consumer of fossil fuel and give renewable energy a competitive edge. Could start at $5/metric ton of CO2 equivalent and increase by another $5/metric ton each year to bring total tax rate to $20/metric ton. If I am not mistaken, Split of money in US is roughly 50/50 between labor and capital. So at least for those four years, probably longer split revenue 50/50 between state government run social safety net like unemployment and buying fossil fuel as mineral rights from our ten too big to fail oil/gas firms and Arch and Peabody Coal to keep it in the ground. Government should buy mostly coal and some tar sands since they would tie up the most carbon for the money. Since expect emissions tax to consume its tax base, year after raising carbon tax to $20/ton add tax on energy regardless of carbon footprint to raise money to buy more fossil fuel as mineral rights and to have state governments use for social safety net starting at $5/MWh or equivalent for other forms of energy and increase another $5/MWh each year to total $20/MWh. Can keep going like that until US federal government has bought all US domestic fossil fuel reserves as mineral rights. Then need to decide whether to discontinue program or buy and sell imaginary fossil fuel reserves to keep stirring the money supply.


It would be interesting to see a compilation of all the money wasted on fossil and nuclear fuels: exploratory drilling etc for fuels we can never burn; building and then maintaining facilities we can never use; subsidies from governments because of political power, though the money goes almost entirely to enriching the few already fabulously wealthy criminals heading the organizations; externalities paid in some way by someone else--health and ecological degradation, social destruction, psychological destruction; USOPS--the Oil Protection Services, the vast military power used to protect the profits and supply lines of corporations; and all the other money wasted.

What could we have bought with all that? It must be more than $20 trillion.

We could easily have created a renewable-powered world fed by fully regenerative agriculture, reforested and much more egalitarian, decades ago, avoiding the climate crisis completely, avoiding the September 2001 attacks and thus all the rights lost since then...