One thing we have learnt this week

Governments don’t get the need for de-carbonisation.  This week a policy to make all power generation zero carbon by 2030 was defeated in the UK.  Instead there is a danger we will be locked into higher prices due to natural gas price increases. Of the four conventional energy sources we examined in our book, gas appears to have the best reserves, although these reserves, particularly unconventional ones, may be exaggerated.  However, even large gas reserves will not delay a crisis if oil peaks soon, since the gas price is linked to that of oil for the reasons given above.  It therefore seems likely that gas prices are going to keep rising, this is particularly true in Western Europe where there could be actual shortages of supply due to depletion of indigenous reserves.  This is a disaster if we stick with our current course for everyone but particularly the poorest in our societies.

Neil

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