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People perceive – correctly – that their individual actions will not make a decisive difference in the atmospheric concentration of CO2; by 2010, a poll found that "while recycling is widespread in America and 73 percent of those polled are paying bills online in order to save paper," only four percent had reduced their utility use and only three percent had purchased hybrid cars. Given a hundred years, you could conceivably change lifestyles enough to matter – but time is precisely what we lack.
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As a result of the decision on pay, the current NJC trials on EMR and other work will cease on Monday 18 September (see circular 2017HOC0498MW).
Yes, this coal and gas and oil is still technically in the soil. But it's already economically aboveground – it's figured into share prices, companies are borrowing money against it, nations are basing their budgets on the presumed returns from their patrimony. It explains why the big fossil-fuel companies have fought so hard to prevent the regulation of carbon dioxide – those reserves are their primary asset, the holding that gives their companies their value. It's why they've worked so hard these past years to figure out how to unlock the oil in Canada's tar sands, or how to drill miles beneath the sea, or how to frack the Appalachians.
Some Reflections On The Arguments
Much of that profit stems from a single historical accident: Alone among businesses, the fossil-fuel industry is allowed to dump its main waste, carbon dioxide, for free. Nobody else gets that break – if you own a restaurant, you have to pay someone to cart away your trash, since piling it in the street would breed rats. But the fossil-fuel industry is different, and for sound historical reasons: Until a quarter-century ago, almost no one knew that CO2 was dangerous. But now that we understand that carbon is heating the planet and acidifying the oceans, its price becomes the central issue.
There is plenty here for the judge to think about.
There's only one problem: Putting a price on carbon would reduce the profitability of the fossil-fuel industry. After all, the answer to the question "How high should the price of carbon be?" is "High enough to keep those carbon reserves that would take us past two degrees safely in the ground." The higher the price on carbon, the more of those reserves would be worthless. The fight, in the end, is about whether the industry will succeed in its fight to keep its special pollution break alive past the point of climate catastrophe, or whether, in the economists' parlance, we'll make them internalize those externalities.
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Environmentalists, understandably, have been loath to make the fossil-fuel industry their enemy, respecting its political power and hoping instead to convince these giants that they should turn away from coal, oil and gas and transform themselves more broadly into "energy companies." Sometimes that strategy appeared to be working – emphasis on appeared. Around the turn of the century, for instance, BP made a brief attempt to restyle itself as "Beyond Petroleum," adapting a logo that looked like the sun and sticking solar panels on some of its gas stations. But its investments in alternative energy were never more than a tiny fraction of its budget for hydrocarbon exploration, and after a few years, many of those were wound down as new CEOs insisted on returning to the company's "core business." In December, BP finally closed its solar division. Shell shut down its solar and wind efforts in 2009. The five biggest oil companies have made more than $1 trillion in profits since the millennium – there's simply too much money to be made on oil and gas and coal to go chasing after zephyrs and sunbeams.
Cessation of Trials of EMR and Other Work
The FBU must, in the course of its duties, ensure that when our members are resolving incidents on behalf of WYFRS they are fully covered and not operating outside of any laws or legislation. At the time of issuing this advice to members we cannot guarantee that, should a decision be made to transport a casualty to A&E, that this is the case and therefore have no option but to advise against this practice until such time that confirmation is gained that full protection is in place. Once this has been clarified we will issue a further statement.