A decade ago it was assumed that China's oil consumption would reach the same level as the US (20 million barrels per day). As grim as the climate reality is these days, there has been some incredible progress. We have that tools to decarbonize. Just need to use them.
China have taken big steps to clean up there air pollution, and are moving to renewables very quickly. If you compare images of Chinese cities from 15 years ago to today you see a massive difference
Now, on an annual basis, China is installing more solar than the rest of the world ever has. GDP should be redefined to include the value of renewables generated and consumed on-site, and subtract losses due to climate change (the broken window critique of GDP as an indicator)
If only it was that simple. We also need to replace our politicians and upgrade the goals of the economy from concentrating wealth in the hands of a few towards looking after the needs of the many, giving equal consideration to all inhabitants of the biosphere.
Agreed. However, achieving those things would be impossible if it weren't for the economic dominance of renewables plus storage. So, there is an opportunity for change where there was none.
Yeah. One learns quite a lot by reading Chinese news (99% doesn't get translated). Here's a short English tldr: Anyways, happy anthropocene! 🤗 Make the best of it! #ThePresentAlreadyIsChinese
I did not expect Chamath to be saying the same things as me.
2|1 The chap in the video is some David Friedman, if that's his correct name. I don't quite get the connection… 🙈
Chamath is at the end explaining that there are no gas turbines available for new gas power. Although I'm pretty sure he gets the reason wrong. He made a lot of headlines a few years ago for his investments. As I recall he also said a lot of really stupid things.
Ah. Cool. Thanks for the background info Justin! 🙏
Why, if you don't mind me asking? I'm just curious. Never stumbled upon this chap before. But I'm a (suppose rather traumatized) timetraveller, so… 😏
For the oil market, a drop in demand from China is even more significant, because they seem to have set their mind on reducing import dependency. They are thus more likely to continue domestic production and scale down imports even if it were economically not the optimal solution.