Oil remains the lifeblood of the global economy, and will not easily be phased out just because the industry is undergoing a crisis. Until policymakers and climate activists grapple seriously with the political economy of oil, the quest for net-zero emissions will be more aspirational than realistic.
LONDON – There are no ready solutions to the dilemma of oil. Daily life as most of us know it depends on the production and transportation of oil, yet consumption of hydrocarbons is a key driver of climate change, which jeopardizes the long-term habitability of the planet. Worse, the need to supply the world with affordable oil has long been a cause of poor governance in the countries that produce it, as well as a source of geopolitical instability. That is unlikely to change anytime soon.
LONDON – There are no ready solutions to the dilemma of oil. Daily life as most of us know it depends on the production and transportation of oil, yet consumption of hydrocarbons is a key driver of climate change, which jeopardizes the long-term habitability of the planet. Worse, the need to supply the world with affordable oil has long been a cause of poor governance in the countries that produce it, as well as a source of geopolitical instability. That is unlikely to change anytime soon.