The dampening of demand for fossil fuels, stimulated by the fight against climate change, accelerated by the pandemic, is disrupting the energy sector in a major way. While the periodic upswing in price has produced massive profits for shareholders, it is injurious to consumers and the social and economic systems in many developing countries. In addition, the ecological impacts of fossil fuels are well documented as this sector is responsible for the lion’s share of greenhouse gas emissions that have resulted in global temperature rise and led to climate change
Hydrocarbons are not only an important source of fuel but also inputs into a host of other processes and materials. Energy, economy, and environment are inextricably linked. While fossil fuels will continue to be relevant, there is growing demand for alternatives: renewables, to satisfy the need for clean energy and energy security.
But have we found the “killer app” to replace the functionality provided by fossil fuels?
How do we wean ourselves from this volatile yet lucrative fossil fuel economy?
How do we reorganize our economic and industrial systems, our consumption patterns to decarbonizing energy systems?
What does this mean for future society and economy?
Energy consultant Nneka Matthews and Host Derval Barzey discuss the link between energy and economics and the influence of increased pressure for sustainability. We examine the evolving energy systems and the changing social contract. Its tricky with GDP being so closely tied with energy consumption. Can we sustain economic activity as we encounter limits to growth and push the earth into ecological overshoot? Have we exhausted the existing business models?
The wheels of change have started turning. All we have are a best guess of the outcomes. As dynamic and exciting as the energy sector is, this transition will be nothing less exhilarating. It’s fascinating to see how businesses and economies respond to the compelling case for decarbonization. Will they be first movers or late adopters?
So many issues to unpack. No simple answers
Stay tuned for part 2 of the discussion.
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