Thanks to Nick Garland for alerting me to this important and disturbing article from The Economist, February 9, 2019: “ExxonMobil gambles on growth” Read it and weep.
Here are a few take-aways from the article : On February 1st ExxonMobil announced its annual results, declaring itself on track for ambitious growth. By 2025, oil and gas production will be 25% higher than in 2017. Note also that, in 2017, renewable energy shares fell for the first time. In 2018, carbon emissions in America grew by 3.4%. New York’s pension fund will not divest from ExxonMobil because it generates such good returns. The shareholdings of the world’s 20 largest institutional investors in big oil companies climbed from 24% in 2014 to 27% in 2017, according to the International Energy Agency.
This is the capitalist system at work: BAU = Business As Usual. Should we expect a sacrifice from anyone, or a recognition that this is all unsustainable?
Nevertheless, I agree with Mr. Woods, Head of ExxonMobil, when he maintains that any change to the energy supply will be gradual. He says: “I don’t think people can readily understand just how large the energy system is, and the size of that energy system will take time to evolve. . . .”
Yes, the energy system is large, it is gargantuan, and will not evolve or be transformed in time to avert a catastrophe. Thank you, Mr. Woods, et al.