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Where's Our Green New Deal? [1]
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Date: 2022-08-21
Back in 2020, with the inauguration of President Biden, things were looking up for progressive hopes of a “Green New Deal”. After much frustration in his first two years, the President is finally counting some legislative victories but as far as the green agenda, what we ware seeing is mish-mash ecologism.
With the war in Ukraine, the fossil fuel industry has risen chimera-like as a saviours of our economic woes amid record—obscene—profits. The mis-leadingly names Inflation Reduction Act provides huge incentives for the oil and gas sectors, greenlighting, among other things, offshore drilling in the Gulf of Mexico as well as Alaska.
In terms of green investment, it’s estimate that it will cost $4.5 trillion to decarbonize the US power system; the IRA will only invest around $369 billion over the next 10 years.
Even the most optimistic models I’ve read are only saying that the IRA will lead to 40% less carbon emissions by the end of the decades. The same models that show doing nothing at all could lead to a reduction of up to 35% reduction in carbon emissions.
In a pact with Wall St, green energy will have to compete on the capital markets with fossil fuel companies, consider what that entails when the 10 best performing stocks this year have been producers of coal, gas and oil.
Fossil fuel profiteers are going keep profiting at the expense of the planet unless they are forcible stopped.
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