Energy bills are going nowhere other than up, with knock-on effects across the economy. The fossil fuels of the future will be dirtier, more expensive and from less accessible places. At the same time, the need to decarbonise is urgent. The world's carbon emissions increased in 2010 by a record amount, in spite of many of the world's economies being in recession, and 19 countries recorded their hottest ever temperatures.
In March, Mervyn King, Governor Bank of England, said: "This is not like an ordinary recession where you lose output and get it back quickly. You may not get it back for many years, if ever, and that is a big, long-run loss of living standards for all people in this country." When something isn't working, it behoves us to question whether a different approach might be more appropriate.
One such approach, spreading around the world with great vigour, is the Transition movement. It suggests that within the challenges of peak oil, climate change, and our economic troubles lies a huge opportunity. In the same way that vast amounts of cheap fossil fuels made globalisation possible, the end of the age of cheap oil will inevitably put globalisation into reverse. More >>>
Location: Cayman Islands