In regards to the letter “Join Climate Alliance” (Press & Dakotan, Feb. 4): Climate activists are about to get a lot of help from, of all things, capitalism. That because the free market has spoken and fossil fuels are dead and clean energy has won. It’s permanent and inevitable.
Forbes, January 2020: “The solar price is half the estimated cost of power from a new natural gas plant.” Natural gas is the cheapest of all the fossil fuels. Fracking is already going bust in the Marcellus shale and the Permian Basin.
This is not just part of the notorious boom-and bust cycles of fossil fuels. Fracking has barely been able to make a profit for the past decade, living off of loans they’ll never repay.
For the past five years, business media have been full of headlines like “U.S. Shale Is Doomed No Matter What They Do” (priceofoil.com).
Coal is already going bankrupt and oil is doomed as well, as electric vehicles are becoming cheaper than gas guzzlers and cost almost nothing to run on solar/wind. “Tesla becomes the largest U.S. car maker by enterprise value … the most complete snapshot of the value of a company” (marketwatch.com).
Big institutional investors are fleeing fossil fuels. Just last year they divested $12 and pledged to divest $32 trillion more.
Energy economist Jeremy Rifkin projects the fossil fuel industry will begin to collapse worldwide between 2023 and 2028. In January, CNBC stock guru Jim Cramer declared fossil fuels were “Done … in a Death Knell phase.”