Solarcentury founder Jeremy Leggett warns of global fossil fuel crash in latest book

Jeremy Leggett emphasizes that the biggest risk is climate change
Jeremy Leggett emphasizes that the biggest risk is climate change

Solarcentury (London) Founder and Chairman Jeremy Leggett has published a new book which predicts that the energy industry is leading the economy towards a global crash, based on risk-taking in energy and financial markets.

Leggett bases this warning on both a study of oil and gas markets and human behavior, and notes that the biggest risk being run is that of climate change. “The Energy of Nations: Risk Blindness and the Road to Rennaisance” also states that there is a way to avoid this crash.

“Brain scientists tell us we have a very worrying collective tendency for blindness to the kind of risks that can crash economies, and imperil civilisations,” Leggett concludes.

“The financial crisis suggests they are right. Now we need to worry that the energy industries are about to repeat the behaviour traits of the financial sector, and on multiple fronts.”


Warnings of fossil fuel bubbles

Leggett notes that while we have much more conventional fossil fuel than is needed to destroy the balance of the earth's climate, we continue to emphasize unconventional fossil fuel sources.

Additionally, he warns of carbon bubbles in capital markets, by putting assumed value in fossil fuels that cannot be realized, as well as a potential bubble with oil and gas extraction from shale. Finally, he warns that contrary to popular opinion, there may not be enough cheap petroleum in the decades to come.


“War” mobilization of clean energy needed

Leggett argues that the only way out of this is a massive investment in alternatives to fossil fuel. “We have to nurture clean energy industries, and strategies, and accelerate them as though mobilizing for war,” states Leggett.

In addition to SolarCentury, Leggett is a Founder and Chairman of SolarAid, as well as the chair of the financial think tank CarbonTracker. He is a contributor to the Guardian and Financial Times. The Energy of Nations is his fourth book.



2013-09-28 | Courtesy: Taylor & Francis Group | © Heindl Server GmbH

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