Après moi le déluge! Fossil fuel abolitionism and the carbon bubble - part 1

To stand any chance of keeping global warming below dangerous levels, a large percentage of fossil fuel reserves need to stay in the ground unburned. 1 Lord Stern endorses an estimate of 60-80% of current reserves being unburnable, assets which support share values of around $4 trillion, about 27% of US Gross National Income ($15 trillion), or about 5% of Gross World Product ($85 trillion). 2 As Jason Moore highlights, there have been energy transitions before: "from peat and charcoal (1450s–1830s), to coal (1750s–1950s), to oil and natural gas (1870s–present)" - however the difference is these have been additive, whereas a transition to renewables must be eliminative.