The Doomsday Clock on climate change is ticking and the fossil fuels industry is ignoring it by planning to export oil and gas to places across the globe that will take them for the next 40 years or more. This completely ignores the threshold that climate scientists have set and is a disaster in the making. If it goes forward as it is sure to take us over the 2.7 degree increase in global temperatures that will possibly take the world to a point of no return in global warming.
The oil and gas industry is currently planning to invest nearly a quarter of a billion dollars in new pipeline infrastructure, ignoring the perils of continuing to extract and burn fossil fuels. According to a recent release by the Global Energy Monitor called the “Pipeline Bubble,” the industry is planning to drastically boost the production of oil and gas.
This plan is a slap in the face to those that support the Paris Climate Change Agreement and flies in the face of all legitimate climate science. According to the agreement, the only way we can possibly avoid the most dire consequences is to keep global warming from rising 2.7 degrees fahrenheit over the levels before the Industrial Age began. The only way to do is to begin transitioning to renewable energy now and leave the fossil fuels in the ground, making them “stranded assets.” Apparently, this is something that the majority of oil companies are unwilling to do.
Continuing to invest in fossil fuel development and distribution is a losing proposition for the planet and for investors. As more cities and countries make commitments to going 100% renewable this is hopefully going to become apparent. The leaders of some of the biggest fossil fuel companies have the philosophy of “gliding through the destruction of human civilization.” How anyone thinks this is possible is mind boggling.
International Investors Moving Away From Oil And Gas
In Norway, the trillion dollar state owned sovereign wealth fund has stated it is completely moving away from investments in oil and gas both in North America and the world. In Europe, a recent survey of fund managers is in agreement with investors saying that fossil fuel companies will become risky investments within the next few years.
Even while energy industry analysts and investment experts are warning not to expand oil and gas exploration many companies are not heeding the warning. Even the Houston based energy investment group, Tudor, Pickering, and Holt said in regards to fracking, “For the love of God, don’t do it.”
Renewable Energy Is Already Viable And Cost Effective
The fossil fuel companies have been saying that we must use natural gas to make the transition to renewables but the fact is that renewable energy alternatives are already viable. No matter how the oil and gas companies want to spin it, the fact of the matter is that renewables and storage are already cheaper than coal and in many cases less expensive than natural gas as well.
California is a leader in its commitment to renewables so it is no surprise that L.A. Mayor Eric Garcetti as stated that Los Angeles is canceling plans to spend multi millions on updates on three natural gas power facilities. The city will be investing in renewable energy and storage going forward.
One of the biggest arguments against renewables has been the need for energy storage. Southern California Edison just shot that down by canceling plans to build a new natural gas peaker plant and are investive in large scale battery storage in its place. As far as storage costs have fallen they are expected to fall even more. Assistant Energy Secretary Bruce Walker recently stated that they expect storage costs to be one fifth of what they are today within five years.
Climate scientists have been making these points for years, now investment experts are saying the same. Not only are fossil fuels bad for the environment, they are a risky investment going forward. The future is in renewable energy so you may as well embrace it.