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- cross-posted to:
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Five years after virtually every world leader agreed to “phase down” the burning of coal for climate reasons, the fuel is more widely used than ever.
Five years after virtually every world leader agreed to “phase down” the burning of coal for climate reasons, the fuel is more widely used than ever.
Our entire society is built on fossil fuels. We are not even close to transitioning out of fossil fuels unfortunately. This Iran war is a lot more dangerous than people think it is. The loss of fossil fuels getting to the market will result in the loss of economic output the global market (macroeconomics afterall).
So we have bought ourselves some time with strategic reserves. The collapse (or at best a contraction of 20%) of the global economy is still possible though. We are heading towards the cliff slowly, but we are still heading there.