2030 Finance | March 24, 2020

Fossil fuel wind-down

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, Mar. 24 – You know the ground has shifted when nationalization of the oil industry is considered “a moderate proposal” as The New Republic put it. The market has already written down the oil majors as growth stocks and values them mostly as cash cows. The government could snap up the four biggest U.S. oil producers for just over $300 billion, as The Atlantic’s Annie Lowrey points out.

The Democracy Collaborative’s Carla Skandier suggests a “51 Percent Solution for the Climate Crisis.” With a majority stake in privately owned fossil fuel firms, the public could vote in boards that oversee the winding down of production while giving 1.6 million oil and gas workers a path to new opportunities, rather than mass unemployment in a crashed economy.

Decarbonizing air travel.  More than 100 entrepreneurs signed an open letter to Congress demanding that any bailout of the airline industry be contingent on strict sustainability accounting, including a 50% cut in greenhouse gas emissions from 2005 levels by 2030. The Climate Emergency Fund, organized by i(x) Investments’ Trevor Neilson, has hired a lobbyist to get the language included in the bailout bill.