Climate Change and the Fossil Fuel Industry
The fossil fuel industry – and the world population that has nearly entirely dependent on this industry – is wholly responsible for the climate change that is massively threatening our planet. This sheer wealth that is generated for the owners and investors in the fossil fuel sector is addictive and corrupting, and is the reason why the industry has made no attempt to clean up the emissions to protect the planet from global warming. The owners and investors see short term gain as preferable to the long-term benefit to their grandchildren if global warming where to be halted or even reversed.
The problem is really one of tragedy of The Commons, is no one company or individual can be held responsible for the current problem, and if any one company was to attempt to change their ways on any sort of scale then the costs of that would be an economic and would make them uncompetitive then what is a vicious market. There is simply no incentive that is strong enough to force a change in any of these Industries. Initiatives such as the Paris climate Accord a start, but the vested interests who own the fossil fuel companies will make certain that any changes take as long as possible, so that they can extract as much value as possible in the meantime.
The reality is that no matter how good the intent is of the politicians and scientists, the fossil fuel industry has too much power and too much at stake to make any significant change happened in the near term.
Fortunately redevelopment of electric vehicles and transport as a service coupled with development of solar and wind power and massive battery storage means that the fossil fuel industry will have no choice in the matter. Whether they like it or not their industry is going to be massively disrupted over the next 45 years as the world wakes up to the fact that the fossil fuel industry is going to die. Even the smallest drop in demand for oil will have a massive impact on the price, given that the oil exporting countries depend so heavily I’m selling as much oil as possible. The world market will be flooded with surplus oil, and the resulting price will make extracting oil completely an economic for all but a small handful of Middle East countries.
The transition away from fossil fuels to transport as a service using electric vehicles will take place over a very short time frame, and the pace of this transaction will be dictated largely by how fast the autonomous electric vehicle fleet can be manufactured. The problem for the existing manufacturers of the internal combustion plate is that they have to turn on a dime and change to electric vehicle manufacturing, and only one or two manufacturers will survive this transition.