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Is Costa Rica Leading the Way for a Global Permanent Ban on Fossil Fuel Exploration and Extraction?
Costa Rica is by no means a fossil-fuel powerhouse. Its major sources of electricity come from hydro, geothermal, and wind. So in creating legislation to ban fossil fuel exploration, development and extraction, it is voicing an environmentalist view and may become a model for other countries to speed up their move away from fossil fuel dependence to net-zero emission alternatives. Costa Rica joins France, New Zealand, Belize, Denmark, Eire, Spain and Greenland.
Meanwhile, a fossil fuel non-proliferation treaty is in the works backed by 100 Nobel laureates, the Bulletin of the Atomic Scientists, the Dalai Lama, and more than 400 organizations around the planet calling for the phase-out and wind-down of exploration, development and extraction on all coal, oil, and gas projects. The industry faces disruptive change and the potential of losing trillions of dollars from investments that may soon become stranded "assets."
Is Costa Rica Leading the Way for a Global Permanent Ban on Fossil Fuel Exploration and Extraction?
Costa Rica joins France, Belize, Denmark, Eire, New Zealand, Spain, and Greenland in committing to end exploration, development, and extraction of coal, oil, and gas. Meanwhile, a growing movement to develop a global fossil fuel non-proliferation treaty is gaining momentum. The energy industry should prepare itself for destructive re-invention or find itself holding stranded assets once worth trillions of dollars.
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