The usage of fossil fuels within contemporary economics has led to rapid growth in industries, agriculture and transportation. This has meant that our world is vastly different from the beginning of the 19th century, the time when fossil fuels were first discovered. Not only have industrial processes improved as well as human health has been improved dramatically. In the end, the current world population is greater than eight billion. Thanks to fossil fuels our modern economies have been able grow and expand at such a rapid pace and bring millions of people out of poverty, and shaping the world that we are living in our present.
While there are many advantages of using fossil fuels, the use of fossil fuels has negatives. The process of producing fossil fuels can lead to regular pollution, and sometimes disastrous accidents. Recently an ash pond in the coal industry was flooded, covering 30 acres toxic Ash. Cleaning up the area will cost at most $825 million. Additionally, 51 major oil spills caused damages between $860 and $1 billion. If you’re taking a look at the environmental cost and environmental impacts, you’re ignoring the economic cost of using fossil fuels.
While we are transitioning to a non-fossil fuel-based economy, we should not overlook the advantages from fossil fuels within our current economy. So long as we continue to improve energy efficiency, we will be able to easily and effectively shift to a non-carbon fuel. This will require a significant amount of infrastructure investment. Procurement through public procurement R&D budgets as well as tax incentive are a good way to promote this transition. In no doubt, the fossil fuels era is coming to an end when cleaner and more efficient energy sources are found. However, it’ll be too late to stop irreparable destruction to the planet.
It is important to understand the cost of making use of fossil fuels in the modern economy and make steps to tackle it. But fossil fuels are driving the global economy at the rate they are currently. Without a convincing and realistic climate change story fossil fuels continue to drive the global economy. In the meantime there won’t be a any political consensus regarding the impact of climate change or the use to power the world economy with fossil fuels. We have an industry as usual group which believes that climate scientists over-exaggerated risks , and they are not focusing on the actual dangers.
Although fossil fuels have numerous positive effects for the planet, it has an unintended consequence as well. They can also cause carbon dioxide and methane emissions that contribute to climate changes. Although fossil fuels are utilized to power electric and motor vehicles however, they are generally unsustainable in the long term well-being of our planet. This is the reason we should switch into renewable sources of energy as quickly as is possible. This is the single most important step toward a more sustainable future.
Although renewable energy sources like solar and wind power are wonderful for our environment, they don’t take the place of coal, oil and other major energies. Indeed fossil fuels comprised almost half of the energy consumption in the world in 1900, which is impressive. Coal is a solid, clean and plentiful resource, having 3 times more energy than dry wood. It is also readily accessible which makes it a preferred choice for ships and locomotives.