Simon Bullock, senior campaigner at Friends of the Earth, asks: How should governments react to the drop in oil price?
This month, a powerful article in Nature highlighted yet again that most of the world’s oil, coal and gas needs to stay in the ground, if we want to prevent dangerous climate change. This is the “unburnable carbon” analysis that President Obama and Bank of England Governor Mark Carney have both made mainstream in recent months.
Related, over the last 6 months the world oil price has crashed, catching almost all economists and analysts by surprise. As well as profound economic effects, this crash affects “unburnable carbon” in two broad and opposite ways.