Scores of Leading Economists Demand End to All Fossil Fuel Investments

"Simply put: there is no more room for new fossil fuel infrastructure and therefore no case for ongoing investment," declaration states.

Scores of leading global economists this week demanded an end to the funding of fossil fuel projects and called for a massive increase to investments in renewables, saying "it will take unprecedented actions to limit the worst consequences of our dependence on oil, coal, and gas."

The declaration, signed by economists including James Galbraith, Juliet Schor, Jeffrey Sachs, and Yanis Varoufasis, "affirms that it is the urgent responsibility and moral obligation of public and private investors and development institutions to lead in putting an end to fossil fuel development."

The case for "keeping it in the ground" is clear, they write, given that the potential carbon from already developed fossil fuel projects will push the planet to beyond a so-called safe level of warming.

"Thus, not only are new exploration and new production incompatible with limiting global warming to well below 2ºC (and as close to 1.5ºC as possible), but many existing projects will need to be phased-out faster than their natural decline. Simply put: there is no more room for new fossil fuel infrastructure and therefore no case for ongoing investment," the declaration states.

Instead, they write, "let us all prioritize the tremendous investment opportunities for a 100 percent renewable future that support healthy economies while protecting workers, communities, and the ecological limits of a finite planet."


More: https://www.commondreams.org/news/2017/12/08/scores-leading-economists-demand-end-all-fossil-fuel-investments



"Not one more penny or cent can go to coal, oil, or gas subsidies," said Greek economist Yanis Varoufakis. (Photo: Julian Meehan via Takver/flickr/cc)