It is Imperative that Climate Change Regs Incorporate Economic Reality

May 25, 2023 | Bubble Monitor, No Bull Economics

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This week we spotlight efforts by international agencies to lower the earth’s temperature by imposing onerous regulations on energy producers. We suggest it will be better to: begin a process of implementing continuous improvements designed to support both economic & climate progress; and use international organizations to share tech & best practices as opposed to providing them with regulatory powers best left to individual nation-states.   

  • As ExxonMobil states so eloquently in its 2023 Advancing Climate Solutions Progress Report: As the world continues to face the challenge of securing adequate energy supply while ensuring the energy transition proceeds at pace – divergent views have emerged.
  • There are some who believe that society’s efforts should be solely directed toward the energy transition without considering the very real consequences of not ensuring energy security.
  • ExxonMobil and others see the situation for what it is: There are two challenges of great importance, both necessitating the full cooperation and effort of companies, governments, and NGOs worldwide to address these critical issues.
ExxonMobil Is Moving Forward CHart
  • In No Bull’s opinion, while everyone agrees that energy conservation and clean energy initiatives are most welcome, it is time for calm minds to assess how to achieve these objectives without destroying our economy & civilization. To this end, we need to allow the private sector to contribute to policy.
  • In any case, we can start by recognizing: the honest need for healthy jobs, industry & services growth in both developed & undeveloped nations; the questionable value of enforcing arbitrary/onerous dates & temperature levels dictated by imperfect, man-made forecasts; and the inability of international organizations to regulate all countries equally. 

Source: 2023-advancing-climate-solutions-progress-report.pdf (exxonmobil.com)

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Part 1: Ramping Energy Demand Clashes with UN’s Environmental Goals

Part 2: Who is Left to Make Investments in Fossil Fuels & Clean Energy?

Part 3: It’s Nice For the US to Save the Climate, But What About the Rest of the World?

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