Sometimes I
feel like it's all too hard and that we should just give up, party hard
and brace for the end of the world. Then something good happens and I
know it's going to be OK. This week I read so many good news stories I
had trouble picking which one pleased me most. The Senate knocked back the second attempt to shut down the Clean Energy Finance Corporation,
providing a double dissolution trigger should Tony Abbott wish to go
that way (I won't be holding my breath personally). Unesco has bowed to a
pressure campaign and deferred a decision on dredging in the Barrier Reef for 12 months. More banks have pulled out of financing the Abbott Point coal port, which now looks very unlikely to go ahead. Bulldozing
was halted in the Leard State Forest by a people power campaign and a
court challenge. Victoria has suspended CSG exploration for 12
months. Victoria and NSW have come out in support of the RET. Courts are quashing
this and fining that and no bad deed can go unpunished while social
media is watching. There is a light beginning to dawn. It's
unmistakeable now.
Al Gore has written a piece for Rolling Stone, The turning point: New hope for the climate, where he shares his confidence that the renewable energy juggernaut is now unstoppable and that "executives of companies selling electricity generated from the burning of carbon-based fuels (primarily from coal) are openly discussing their growing fears of a utility death spiral." Tony Abbott and crew might think they can just run amok in Canberra, but they're finding it a lot more difficult than they first imagined I suspect. The fossil fuel industry is starting to lash out left and right in desperation at what they call 'big environment' (ha ha!) stopping them from doing things and looking decidedly defensive and jittery.
Al Gore has written a piece for Rolling Stone, The turning point: New hope for the climate, where he shares his confidence that the renewable energy juggernaut is now unstoppable and that "executives of companies selling electricity generated from the burning of carbon-based fuels (primarily from coal) are openly discussing their growing fears of a utility death spiral." Tony Abbott and crew might think they can just run amok in Canberra, but they're finding it a lot more difficult than they first imagined I suspect. The fossil fuel industry is starting to lash out left and right in desperation at what they call 'big environment' (ha ha!) stopping them from doing things and looking decidedly defensive and jittery.
It's going to be a bumpy ride for the global economy as we transition away from fossil fuels though. Bumpier for some than others. As Bill McKibben pointed out in his own Rolling Stone article a little while ago, Global Warming's Terrifying New Math, vast chunks of the global economy are based on squillions of dollars borrowed against coal, oil and gas reserves that can never be dug up and burned. Personal fortunes of people like our very own Gina Rinehart and Clive Palmer are heavily reliant upon coal that is still in ground in the Galilee Basin and seems destined to stay there.
Circumstances are about to overtake them whether they like it or not and the irony is, it's got a lot to do with cold, hard global economics and the power of the 'market'. Coal, gas, uranium and oil stocks will be virtually worthless within a decade is my call. It just won't make economic sense to dig them up any more once economical, small and medium, storage solutions for renewables hit the market in volume, which is about 5 years away by my guess. It's already begun in the USA. Iron ore and other minerals will also quite possibly go into decline as various innovations in manufacturing, such as 3D printing, carbon fibre and nanotechnology really start to take off at scale.
Much as I might enjoy the spectacle of former mining billionaires trying to survive on 'Newstart', it's not all going to be sunshine and lollipops. The arms industry will probably continue to do as well as it always has. Although there will probably be fewer wars over oil, there may be more wars over food and water and arable land, which is a very worrying thought. Climate change is going to be bad, even if we manage to sharply curb our emissions, even if we start rapidly reforesting the planet. With a global population still growing much too fast, billions of people are going to be displaced as some areas become uninhabitable, extreme weather and rising sea levels destroy homes and drought wreaks havoc on agriculture.
But, I have a lot of hope in the up and coming generation. I hope they won't repeat the mistakes of previous generations and will find ways to cooperate, share resources equitably and hopefully innovate their way out of some of the messes we have got ourselves into. I also predict Green politics is going to continue to surge on, and grow in strength and power when the message finally sinks in that this is our only home and we'd better start taking better care of it if we want to survive the rest of the century.