Could coronavirus forever alter the fossil fuel era?

By Justin Guay, Medium


Highlights

The current pandemic could be an opportunity for the US to eliminate our use of fossil fuel dependency and transition into a clean energy economy

  • The US fracking industry is in a tricky place – facing negative pricing and less demand, indicating that the industry wasn’t viable to begin with and signals its potential downfall once the pandemic is over 
    • Even so, the infrastructure such as oil wells or coal mines would likely remain if these companies go bankrupt
  •  Quantitative Easing (QE) programs from banks have the potential to allow “stealth bailouts” to specific industries by issuing or purchasing debt
    • BlackRock, the world’s largest asset manager, recently announced they would focus on green investments focused on decarbonization. If BlackRock keeps their word then this could be an important push for the renewable energy sector
  • Governments and banks should mitigate the end of the fossil fuel industry by managing their steady decline and promote more Paris Agreement standards 
  • The Obama-era stimulus package helped boost the modern American solar industry. The US has another unique opportunity to expanding renewable, clean energy due to the current pandemic and the resulting stimulus packages

Fossil fuel divestment and the transition to 100% clean electricity a major step towards achieving the Climate Center’s Climate-Safe California Platform.


Read more: https://medium.com/@Guay_JG/could-coronavirus-forever-alter-the-fossil-fuel-era-d827a814d21

Nina Turner
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