COVID-19 gives us clear evidence that market fundamentalism is a failed economic strategy, and it needs to change to deal with climate and other environmental challenges.
An economy and human society built on the concept of infinite compound economic growth was obviously unsustainable. Covid-19 has burst that bubble.
We know how to fix this problem and we know we can afford to do so. Now it’s time to decide.
The dominant assumptions regarding the transition of oil and gas companies are wrong. The evidence suggests it is far more likely they will fail, because they will not cope with the speed of change.
The scale and speed of change needed on sustainability means many and perhaps most of today’s major old companies simply won’t get there. So, are we wasting our time?
How can a Trump Presidency be positive? Surely this is a major setback for action on climate change, inequality, human rights and global security?
After a more than century of domination, the global fossil fuels industry is now in terminal decline, and will be all but gone within 15-30 years. Politicians must recognise this fact, or risk making serious and damaging mistakes in climate and economic policy, investment strategy, geopolitics and defence.
Could 2015 be the year the ‘dam of denial’ blocking climate action breaks? If it is, it won’t be due to politics, but to the market waking up to the economic threat posed by climate change and the economic opportunity in the inevitable decline of fossil fuels.
If you want to know what addressing climate change will really be like for business and investors, then take a look at today’s electricity and energy markets. Creative destruction is inflicting itself upon the sector with a vengeance – and the process has only just begun.
I think it’s time to call it. Renewables and associated storage, transport and digital technologies are so rapidly disrupting whole industries’ business models they are pushing the fossil fuel industry towards inevitable collapse. It’s a carbon crash, and a solar dawn.