Scores of leading global economists this week demanded an end to the funding of fossil fuel projects and called for a massive increase to investments in renewables, saying “it will take unprecedented actions to limit the worst consequences of our dependence on oil, coal, and gas.”
The declaration, signed by economists including James Galbraith, Juliet Schor, Jeffrey Sachs, and Yanis Varoufasis, “affirms that it is the urgent responsibility and moral obligation of public and private investors and development institutions to lead in putting an end to fossil fuel development.”
The case for “keeping it in the ground” is clear, they write, given that the potential carbon from already developed fossil fuel projects will push the planet to beyond a so-called safe level of warming.
“Thus, not only are new exploration and new production incompatible with limiting global warming to well below 2ºC (and as close to 1.5ºC as possible), but many existing projects …