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The world's fossil fuel companies risk wasting billions of dollars of investment by not taking global action to fight climate change seriously, according to the chief economist of the International Energy Agency (IEA).
Fatih Birol, who will take the top job at the IEA in September and is one of the world's most influential voices on energy, warned that companies making this mistake would also miss out on investment opportunities in clean energy.
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The World Bank and Bank of England have already warned of the serious risk climate action poses to trillions of dollars of fossil fuel investments and the G20 is investigating the risks. The think-tank Carbon Tracker has estimated that over $1tn (£0.6tn) of oil investments and $280bn of gas investments would be left uneconomic if the world's governments succeed in their pledge to limitglobal warming to 2C.
The warnings are based on policy proposals that are entirely creatures of human decisions rather than hard economic realities. Then again, all demand is ultimately the product of human decisions.
Original Submission
(Score: 2) by curunir_wolf on Thursday July 16 2015, @12:20AM
So with your "fiat monetary system" and "fractional reserve banking", you might have infinite economic growth, yes, but it doesn't matter for people if they have to work hard for a day to buy 3 hamburgers for $ 3, or if they have to work hard for a day to buy 3 hamburgers for 3 000 000 "zimbabwe $". And if you can't put food on the table with a day of work, as an average world citizen / breadwinner, then there's a problem.
Well, yes, you're correct. But the other feature is that it perpetually concentrates wealth. Eventually, regardless of the numeric value of the currency, it takes more and more work to make up for the continually inflating cost of goods. We are seeing this now in the disparate income growth of people in the US. Studies show how most incomes since remained flat, while high earners have seen income growth and low earners seeing less income (adjusting for inflation).
I am a crackpot