Will the fossil era end with a bang or whimper?
- Jul 8, 2019 3:16 pm GMT
In his book “Eaarth” Bill McKibben quotes Paul Roberts, "the existing fossil fuel infrastructure, from power plants and supertankers to oil furnaces and SUVs," is worth at least $10 trillion, and scheduled to operate anywhere from ten to fifty more years before its capital costs can be paid off. If we shut it down early, merely to save the planet, someone will have to eat that cost. Given such a "serious asset inertia," no owner or investor in a power plant is likely to accept the write-down without a "nasty political fight."
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