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April 20, 2016

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Fossil fuels no longer lifeblood of world economy

By Payal Parekh | April 20, 2016, Wednesday | Print Edition

THERE has never been a better time to break free from fossil fuels.

Record-breaking global temperatures, plummeting fossil-fuel prices, historic investments in renewable energy, and global pressure to honor climate pledges are all coming together to create the ideal setting for this world-changing shift.

The shift could not be more urgent. The United Nations climate agreement forged in Paris last December reconfirmed the level of 2°C above pre-industrial levels as a hard upper limit for global warming, beyond which the consequences for the planet become catastrophic. But it also included commitments to “pursue efforts” to limit warming to 1.5°C.

Decoupled

The privileged position of fossil fuels already seems to be weakening. In fact, according to the International Energy Agency, global greenhouse-gas emissions and economic growth have already decoupled, with global energy-related CO2 (the largest source of human greenhouse-gas emissions) having remained at the same level for the second year in a row. This means that fossil fuels are no longer the lifeblood of our economy.

It seems that the precipitous decline in oil prices — by two-thirds over the last 18 months — has not encouraged increased consumption. What it has done is deal a major blow to the profits of fossil-fuel giants like Shell, BP, and Statoil.

Coal is not faring any better.

Meanwhile, renewable energy sources are receiving record amounts of investment — some US$329.3 billion last year, according to research from Bloomberg New Energy Finance. As a result, a cleaner, fairer, and more sustainable future, powered entirely by renewables, is starting to become a real option.

Long way to go

Yet there is still a long way to go. Most governments are still clinging, to varying degrees, to destructive fossil fuels, with their volatile prices and devastating environmental impact, even as this dependence destabilizes their economies.

Just as a warming planet puts us all at risk, scaling up action early benefits everyone. And it is up to everyone to hold leaders accountable to their promises, and to science.

The key will be the strength and bravery of communities demanding that we keep fossil fuels in the ground and instead build a healthier and more just world, in which everyone has access to sustainable energy.

The world is closing in on a historic shift in our energy system. To accelerate progress, we must confront those who are profiting from climate change and defend the interests of ordinary people. The struggle finally to break free from fossil fuels is a global one. Nobody can afford to ignore it.

 

Payal Parekh is Program Director at 350.org, which supports the Break Free movement. Copyright: Project Syndicate, 2016.www.project-syndicate.org. Shanghai Daily condensed the article.

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