Finance & Investment

Mainstay of our economy today is our dependence upon fossil fuels

Today 81% of the energy used by the United States is derived from burning fossil fuels. These sources account for 34% of the human carbon emissions over the last 20 years. Scientists have been looking for ways to decrease our dependence on fossil fuels and to make the burning of fossil fuels more sustainable. Let’s look at the ways fossil fuels can benefit us in our everyday lives.

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We must first abandon fossil fuels because they contribute to the issue, and search at ways of improving our systems for energy. We should oppose government-sponsored backing for fossil fuels and instead invest into renewable energy infrastructure as well as green jobs. Our nations must be able to meet those UN Sustainable Development Goals, including SDG 7: Energy access for everyone. It is possible to look up fossil fuel-supporting policies from the The database of the OECD’s fossil fuel-supporting measures.

The shift from coal to wood began around the beginning of the 1700s, in the field of iron. It soon became the primary fuel for industrial use. In 1900, coal was responsible for half the world’s energy consumption. Coal is plentiful and has more energy that dry wood. In the 1950s coal was widely distributed and became the preferred fuel for ships and locomotives. Since coal is simpler to store and transport so it quickly became the preferred fuel for a variety of industries.

Fossil fuel subsidies have been estimated to be responsible for two-thirds of the CO2 emissions that are generated worldwide. The percentage of short-lived carbon dioxide emissions resulting from energy production is thought to be more than what is reported in official statistics. However biomass fuels are extensively utilized to cook and for small-scale heating, however they are usually inefficient and polluting. They also affect the quality of indoor air in many countries that are less developed. The use of these chemicals is not sustainable in the modern economy.

The burning of fossil fuels causes the growth in methane and carbon dioxide emissions. These two gases are released from fossil fuels as they are burned to produce heat and electricity. But, they also have additional consequences. In 2030 it is estimated that the United States could spend $30 trillion on fossil fuels. In 2030 the economy will spend $750 billion more per year than in 2006.

Carbon absorbed during the burning fossil fuels can be a byproduct that is typically recycled back into the soil during extraction process. This is referred to as enhanced oil recovery. It involves the injection of CO2 under pressure into the reservoir for oil to release more oil. Although this might seem like an unorthodox method, it is actually possible to reduce the carbon emissions from produced oil and CO2 by this method. The carbon that is injected into oil production can cause negative emissions.

As carbon emissions rise the temperature of the world could rise by 3 or four degrees Celsius. The financial markets will be wiped out if we did not reduce the consumption of fossil fuels. The economic recession which follows would be more severe and the growth of global economies will slow. Given the current climate crisis the only solution to address the issue is to cut down on the global consumption of oil. If we don’t reduce our use of gas and oil and gas, we could be impacted by a global recession.