A Radical Idea to Break the Logic of Oil Drilling
In the climate-change era, everyone who has oil wants to be the last one to sell it. Oil-producing countries still plan to increase production in the near term, and very few economic incentives exist to press them in any other direction. As long as someone else still has oil, they’ll sell it to your customer in your stead. Oil-industry insiders have said this point-blank throughout this year’s United Nations climate talks in Dubai, which are scheduled to end tomorrow.
The economic disincentives to phasing out fossil fuels have been the “elephant in the room,” according to Susana Muhamad, the environment minister of Colombia’s first-ever leftist government, who has emerged as a vocal leader in the meeting’s plenary rooms. Some of the countries most dependent on income from oil and gas are also among the ones to foreign banks, and so they keep drilling to stay current with payments. Countries such as Ecuador are exploiting their reserves——to service their painfully high debt. (Ecuadorians voted this August drilling in at least one part of the rainforest, for now.)
