Shutting Down Fossil Fuels - Financial Impact
Shutting down fossil fuels will have negligible financial impact on ‘vast majority’, study finds. Scaling down fossil fuels would have hardly any financial impact on the vast majority of people, new research reveals. Oil and gas companies are the single biggest driver of global heating.
But opponents of the renewable transition often claim that cutting down fossil fuel production will be hugely expensive - and hit ordinary people in the pocket. New research sends this argument up in smoke. According to a study published in Joule journal this week, the clean transition will have a marginal financial impact on ordinary people while impacting only the super rich. The ‘losers’ of the clean energy transition are the super-wealthy - and what they stand to lose is still just a fraction of their overall wealth.
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