Fossil fuel use must be stopped

Torstai 9.11.2023 klo 19.42 - Mikko Nikinmaa

Use of fossil fuels is still increasing, although there cannot be any doubt about climate change. This year (2023) is going to be the hottest one globally in the recorded history, and unnormal weather – heavy rain, drought, storms etc. – has occurred throughout the world. In spite of the increasing cost of repairing infrastructure after foul weather and wildfires, which have also increased drastically, the conservative parties throughout the world maintain that one cannot go away from oil-based economy: according to them the continued use of fossil fuels is the only way to avoid going deeper in debt and thus required for the sake of future generations.

However, it is quite clear that oil, gas and coal burning are causing the climate-related problems. It has recently also become clear that climate change occurs more rapidly than has earlier been predicted. We are already approaching many tipping points, which cause problems for future generations’ lives. And whereas monetary loans can be left unpaid, changes in the physical environment cannot just be written off. Loan is just an agreement in which the lender gives money to the loaner taking interest, i.e., profit on the amount given. Since loan market functions, there must be funds somewhere enabling the loan-based economy. That is completely different from the physical condition of the world. There is no planet B which we could start to use once we have spoiled the Earth.

The conservative thinking that we can continue the use of fossil fuels to avoid getting deeper in debt is fallacy and not sustainable. We should get our priorities right: first, we must have healthy environment. If that cannot be done without increasing debt, we must loan more money.