Let’s Make Big Coal/Oil/Gas a Partner in the Shift to ‘Clean’ Energy

As there is no ‘Planet B’, we ought to be taking a ‘precautionary’ approach. The current pandemic is a wake-up call to not ignore uncertainties that have existential consequences.

Jeff Gibbs and Michael Moore’s latest provocative documentary is another wake-up. It suggests most of our current countermeasures to carbon emissions are nowhere near as effective as we have thought. With the construction of ‘renewable energy’ plant and equipment having its own environmental impact, including the use of toxic elements in the process, with tail-end costs that have not been accounted when all the equipment needs replacing.

Essentially, ‘doing whatever it takes’ to rescue the planet, just as we have with the financial system, and just as we are doing to address the current COVID-19 crisis

Taking Michael Metcalf’s much better suggestion to use newly created SDR’s (instead of national currencies directly), these would be used to fund new financial instruments.

There would be no ‘forced closures’. The process would be entirely market driven, with each business deciding what to bid for each tranche of financial instruments.

The IMF would simply allocate SDR’s based on an agreed formula to the bidders that offered the most carbon reduction, site clean-up and clean energy generation for the least annual payments… having regard to the state of the climate and the economy at the time.

It does not matter which resources are locked up, or which plants are closed or where. It just matters that those closed remove more carbon than any new plants emit, and that this trend accelerates.

The key is to not to take out so much carbon from the global market that it creates a major fall in the world’s economy… because we need everyone’s active support, but the maximum possible at an increasing rate as the transition takes hold.

By creating Special Drawing Rights (new money) to recognise the value of clean air and water and a stable climate, and by treating the industry as an ally, we can make the transition much much faster, with much less pain.

The new money will also stimulate ailing economies, developing new skills and industries in the clean energy sector.

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