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Fossil Fuel Industry Could Face $25 Trillion Collapse Due to Clean Tech, Climate Policies, and Covid-19 Pandemic

Originally published at http://www.commondreams.org/news/2020/06/04/fossil-fuel-industry-could-face-25-trillion-collapse-due-clean-tech-climate-policies

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And just look at all the horrendous accidents (one on-going) caused by fossil fuel industry and the cost of cleaning up the messes. (If they were cleaned up at all.) The legacy left behind is appalling.

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Failing to research and develop the needed alternatives is absolutely planning to fail. Those are the two choices. R&D properly takes time.

If you have heard these dire warnings before, months before the covid-19 pandemic set in, you heard well. Most countries were proactive and didn’t have 100,000 (and counting) deaths.

So, your default choice is failing to plan. The clock is running.

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The maximize-the-GDP-mantra must go. It grew around burning as much carbon as inefficiently as possible in order to maximize profits. Sheer idiocy from a Planetary point of view. A People & Planet in Balance money system is needed. Don’t expect it from Larry Summers.

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Coulda… Woulda… Shoulda… The only collapse is that of life on earth as we all go extinct.

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Then we need to get that money from them now by forcing them to pay for the huge amount of destruction they caused by promoting a product they knew would cause catastrophic climate chaos & mass extinction & denying those facts. Appropriate all their assets as soon as possible as punishment.

Imagine what $25 trillion could do to mitigate climate disruption, forestall the worst of climate chaos & biospheric destruction & protect us from & adapt us to the new chaotic world brought on by their willful biocide.

the sooner the better–they outlived their usefulness and became the main problem decades ago–all for the short term profits to be made on killing our planet

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“Fossil Fuel Industry Could Face $25 Trillion Collapse Due to Clean Tech, Climate Policies, and Covid-19 Pandemic”

God I hope so!, but it wont happen. Hell they can probably absorb a 25 trillion loss, and anyway they’ll just get a taxpayer bailout if that was true, they already receive tens of billions in subsidies annually just in the US:

When externalities are included, as in a 2015 study by the International Monetary Fund, the unpaid costs of fossil fuels are [upward of $5.3 trillion annually (~http://www.imf.org/external/pubs/ft/survey/so/2015/NEW070215A.htm) – which works out to a staggering $10 million per minute.

As of October 2017, Oil Change International estimates United States fossil fuel exploration and production subsidies at $20.5 billion annually .

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you people are not seeing the big picture (of course not, you’re “useful idiots” for the carbon scamming business) have a look at countries with no industrial base and see what poverty and desperation does to the environment

If poverty is so horrible, than why are you strongly in support of destroying the middle class?

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The problem is that “clean tech” is dependent on fossil fuels for mining, manufacturing, and shipping.