Archives de Tag: Fossil fuel supply

Fossil fuel supply

It’s worth reading the point of view of Mr. Sinn in the Financial Times ‘‘Climate policy picks the wrong target’‘.

He’s right when he underlines the urgent need for policies to address also the question of fuel supply (which is only seen with the goal to increase and secure it) in order to leave carbon underground. He’s wrong when he presents this option as being the silver bullet: while tackling only fossil fuel consumption is certainly insufficient, it is absolutely necessary. Obviously it must be complemented by policies which provide incentives to keep fossil energies underground and penalties for its extraction (taxes that would at least amount to the level of the pollutions and destruction of nature during the entire life cycle of fossil fuel extraction, transport, refining and use).

A successful example in this area is the recent decision by Ecuador and its president R. Correa to leave the heavy oil found beneath the Yazuni National park indefinitely underground. The details of this decision are here: Yasuni-ITT initiative and deserve a true attention as this first initiative could be a good practice example (if it proves so in the coming years) for other developing countries over the world which are rich in natural resources but whose extraction would destroy parts of their natural heritage and the sustainable livelihood of their citizens.