According to a renowned expert in Earth systems science, the cost of living issue in Europe that is pushing millions of people into poverty is being fueled by fossil fuels and runs the risk of producing uncontrollable climate change.
Johan Rockstrom, head of the Potsdam Institute for Climate Impact Research and co-author of the recent book Earth For All, claimed that decades of government failures to decarbonize their economies were largely to blame for the increasing inflation.
“I find it very disturbing that our political leaders in Europe are unable to communicate that high living costs right now are caused by higher prices on fossil fuels,” he told AFP at the book’s launch on Tuesday.
“So this is fossil fuel-driven, supply-driven inflation. If 20 years ago you invested in solar (panels) or had a share in a wind farm, you’re not affected today.
“The only reason why we have this crisis now is that we’ve had 30 years of underinvestment in preparing towards this turbulent phase which we knew would be coming,” said Rockstrom.
“We’ve been saying since 1990 that we need to phase out the fossil fuel-driven economy towards a renewable-driven economy. And now here we are we’re now hitting the wall.”
Prior to what many analysts anticipate to be a difficult winter as Russia’s invasion of Ukraine continues to disrupt oil and gas supply, European energy prices rose to a new high last week.
German electricity’s year-ahead contract hit 995 euros ($995) per megawatt hour, while the French equivalent soared beyond 1,100 euros, representing an increase of more than ten times in both countries from the previous year.
The electricity and gas price cap in Britain will climb by almost double as of October 1 to an average of $4,197 ($3,549) per year, according to energy regulator Ofgem.
Rockstrom, who helped pioneer the concept of planetary boundaries thresholds of pollution or warming within which humanity can thrive said he hoped the current energy price crisis would be “communicated as another nail in the coffin” for oil, gas and coal.
“This should accelerate our transition towards renewable energy systems,” he said.
