Energy Transition: Coal as the Canary. YaleGlobal. Joshua Busby, Morgan D. Bazilian and Dustin Mulvaney. April 23, 2020
New challenges and innovations put economies in constant transition, but Covid-19 has applied an abrupt halt to economic activity for most of the world. Huge shifts were already underway in global energy markets with the rise of shale gas and renewables before the pandemic. Societies must prepare to mitigate the consequences for workers and local economies as pressure grows to phase out fossil fuels and cut emissions and pollution, explain Joshua Busby, with the LBJ School of Public Affairs, University of Texas-Austin; Morgan D. Bazilian, director of the Payne Institute, Colorado School of Mines; and Dustin Mulvaney, with San Jose State University. Transitions to new energies must consider workers and communities that depend upon fossil fuels as well as the communities that lack energy access or suffer from pollution. Nations with industrial strategies focused on new technologies such as electric vehicles may be more competitive, providing clarity for investors while providing resources in funding inevitable energy transitions. The writers conclude, “Countries that remain overwhelmingly reliant on legacy energy technologies risk exposing workers and communities to large losses in sectors that become obsolete.” Energy innovation and transitions could contribute to post-pandemic economic revitalization. [Note: contains copyrighted material].
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