We should take full advantage of this
How the oil price collapse can deliver the boost the green economy needs
The collapsing oil price to a new low of $45 a barrel, its lowest for six years, presents major opportunities for the green economy and the climate movement as a whole, but challenges too.
As BusinessGreen’s James Murray argued last week, some of these challenges are significant. But it is important to recognise there are also sizable opportunities that come with low oil prices.
Let’s consider some of these opportunities. The Carbon Tracker Initiative, which first coined the term the “carbon bubble”, foresaw last year that any oil price slide would make many unconventional and high-cost oil projects uneconomic and risked wasting huge piles of investors’ cash. In one of its landmark studies it identified $1.1tr of potential capital expenditure on projects in the next 10 years requiring a market price of over…
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