Households in the UK and elsewhere around the world are being asked by their respective governments to reduce carbon emissions but those same governments continue to back the top 200 companies that hold more carbon reserves than can ever be safely burned. According to a report by the BBC quoting University College London academics, it would be virtually impossible to meet goals in lowering carbon emissions if that oil, coal and gas were burned – EVER!
Speaking with a Forked Tongue
University College London warns that 30% of the world’s oil, 55% of global gas reserves and 80% of coal reserves must not ever be burned if we are to even come close to meeting carbon emission reduction goals. Knowing that we already have reserves too great to safely use, why are governments continuing to invest in further exploration? It’s like speaking with a forked tongue – don’t use fossil fuels but put all your money into finding greater stores. Does this make sense?
Former Investment Manager Commissions Study
The BBC notes that it was the mission of one lone man, a former investment manager, Mark Campanale, began wondering how much the world held in carbon reserves. Carbon reserves are simply a way of lumping all fossil fuel reserves into a single category. This includes gas, oil and of course, coal. Campanale was actually shocked that no one had yet tallied the unbelievable amount that was stockpiled across the globe.
Other Organisations Are Joining the Parade
The research that was commissioned by Campanale shows that there is absolutely no way to meet the goal of holding the rise in global temperature to under 2C if we were to consume that amount of fossil fuels. Referring to the above mentioned figures, it is astounding that so many of the 200 big energy firms are still seeking out new supplies when there is already so much stored. Now other interested institutions are calling for a halt to the mindless exploitation of resources. Amongst those are Harvard University and 350.org, a highly vocal pressure group.
With So Much in Store Why Do Prices Continue to Rise?
Consumers across the UK continue to look for the best deals on electricity because the cost continues to skyrocket. Producers claim that the reason tariffs continue skyrocketing is due to the cost of production underscored by higher fossil fuel prices. It appears that fossil fuels are being artificially priced as there is no need to keep them that high with so much in reserve. So then, why does the cost of energy continue to rise? Again, it must be artificial manipulation of the market – what else can it be?
Market Analysts See Big Changes in Store for the Energy Sector
According to some of the world’s leading energy market analysts, those who are investing in carbon products might soon be in for a rude awakening. With increasing global pressure to our carbon footprint by producing electricity with renewable sources, there may come a day in the not so distant future where fossil fuels will become obsolete in the production of energy. Those same analysts are suggesting that investments in renewables is a far smarter choice for the long term.
What does this all mean to the average consumer who isn’t looking to invest but rather just wants cost effective energy? Perhaps the most intelligent choice to make when looking for the best tariffs would be to find a supplier that has heavy investments in the renewables sector. It just might be that their prices will provide greater stability when the fossil fuel bubble bursts.