A lot can be said about how a government or business plans to move forward – if progress comes at the expense of accountability and positive impact on the environment, people and society, what good is it to anyone in the long term?
Our children will be inheriting the damages the previous generation left behind on the planet so it is imperative that we make ethical business decisions now so that nature and humanity can thrive.
The world’s top energy agency (IEA) says: From 2021, no new oil and gas fields approved for development and no new coal mines or mine extensions in order to reach net zero emissions by 2050.
The International Monetary Fund reported that the fossil fuel industry received $5.2 trillion in subsidies in 2017. The environmental and social costs are being subsidised by our children’s health and future livelihood. Fossil fuel energy:
- Generates >66% of the world’s greenhouse gas emissions (GHG) and is the biggest emitter of other toxic wastes – ash, radioactive, beryllium, fluoride, heavy metals and particulate matter
- Consume colossal amounts of land (~52,000 m2/MW) and water for mining, production, or generation (Litres / MWh): Biomass (438,000); Coal (166,000); Gas (118,000); Nuclear (129,000). In America alone, to produce and burn the 1 billion tons of coal it uses each year, the mining and power utility industries withdraw 200-300 trillion litres of freshwater annually
- There is a water crisis looming. By 2025, >66% of the world’s population or ~4 billion people are expected to face water shortages
THE PROBLEM
- Overdependence on burning fossil fuels for >82% of global energy supply and which is the dominant source of GHG despite a low energy efficiency of 33% – 67% of the energy stored in the fuel is rejected as waste heat resulting in a negative spiral of more fuel-heat-water waste and pollutants to produce electricity.
- “Unpriced” externality costs: $5.2 trillion in subsidies; $900 billion in “stranded” energy assets; Colossal resource use and waste (land, water, critical minerals); Climate Change may cost the world $69 trillion by 2100 – sea level rise, droughts, wildfires, food and water scarcity; In 2018, fossil fuel air pollution caused 1 in 5 global deaths, 90% of which are from the Asia-Pacific.
- Aging centralised electricity grids: Designed around plants near coal mines far away from end users. Upgrades will cost $2 trillion in the U.S. alone. Power systems around the world are over a century old and were designed on ‘centralised’ generation burning fossil fuels which means they are far from end-users increasing transmission losses, operational and maintenance costs.
THE SOLUTION
A sustainable and reliable source of green BASELOAD (24/7) electricity to power industry, cities, advanced fuels (green hydrogen), and transportation – which accounts for over 90% of oil consumption.
PRIORITISING THE PLANET, PEOPLE, & SUSTAINABLE PROFITS
- Scientists warn the UN of capitalism’s imminent demise – A climate change-fueled switch away from fossil fuels means the worldwide economy will fundamentally need to change. (Learn more)
- Richard Heede of the Climate Accountability Institute explains how his landmark “Carbon Majors” project shows the amount of carbon dioxide created by the world’s biggest coal, oil, gas and cement companies since the industrial revolution. (Learn more)
- Philippines’ typhoon survivors come forward in an investigation into how major carbon producers are violating human rights due to their role in driving climate change. At an emotional hearing in London, the Philippines Commission on Human Rights heard personal testimonies from Filipinos who had suffered during recent extreme weather disasters. The commission also listened to expert testimony on climate change science, risk and law. The inquiry is investigating whether the actions of 47 large coal, oil, mining and cement firms are breaching the human rights of Filipino citizens, including their rights to life, housing, health, food and self-determination, by extracting large volumes of fossil fuels or through carbon-intensive industrial processes. (Learn more)