If global markets crash with the spread of a virus, imagine what will transpire when they finally have to reckon with the "cost" of addressing global warming. As for the claim we can "de-couple" emissions from economic growth, Carbon Brief says the economic effects of coronavirus has temporarily reduced China's emissions by a quarter. Which is precisely what needs to happen long term. Therefore we can consider this little market correction a preview of what we can expect when we stop burning fossil fuels.
What we are seeing this past week is a minor disruption of global supply chains, a reduction in air travel and some drop in personal consumption. Cruise lines taking a hit. Now imagine a permanent, massive drop in air transport, shipping, all types of manufacturing, basically every sector of the economy which requires fossil fuel energy (90%?). Add to this the hit to finance and investment when all those assets are frozen solid, all the fuel "reserves" that were being counted as collateral on debt
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