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Profiting From Catastrophe: If Fossil Fuel Companies Burn All Their Reserves We're Undeniably Screwed

Here are the facts: The business models at the center of our economy are in the deepest possible conflict with physics and chemistry.
 
 
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If we could see the world with a particularly illuminating set of spectacles, one of its most prominent features at the moment would be a giant carbon bubble, whose bursting someday will make the housing bubble of 2007 look like a lark. As yet -- as we shall see -- it’s unfortunately largely invisible to us.

In compensation, though, we have some truly beautiful images made possible by new technology.  Last month, for instance, NASA updated the most iconic photograph in our civilization’s gallery: “Blue Marble,” originally taken from Apollo 17 in 1972. The spectacular new  high-def image shows a picture of the Americas on January 4th, a good day for snapping photos because there weren’t many clouds.

It was also a good day because of the striking way it could demonstrate to us just how much the planet has changed in 40 years. As Jeff Masters, the web’s  most widely read meteorologist, explains, “The U.S. and Canada are virtually snow-free and cloud-free, which is extremely rare for a January day. The lack of snow in the mountains of the Western U.S. is particularly unusual. I doubt one could find a January day this cloud-free with so little snow on the ground throughout the entire satellite record, going back to the early 1960s.”

In fact, it’s likely that the week that photo was taken will  prove “the driest first week in recorded U.S. history.” Indeed, it followed on 2011, which showed the greatest weather extremes in our history --  56% of the country was either in drought or flood, which was no surprise since “climate change science predicts wet areas will tend to get wetter and dry areas will tend to get drier.” Indeed, the nation suffered  14 weather disasters each causing $1 billion or more in damage last year. (The old record was nine.) Masters again: “Watching the weather over the past two years has been like watching a famous baseball hitter on steroids.”

In the face of such data -- statistics that you can duplicate for almost every region of the planet -- you’d think we’d already be in an all-out effort to do something about climate change. Instead, we’re witnessing an all-out effort to... deny there’s a problem.

Our GOP presidential candidates are working hard to make sure no one thinks they’d appease chemistry and physics. At the last Republican debate in Florida, Rick Santorum insisted that he should be the nominee because he’d  caught on earlier than Newt or Mitt to the global warming “hoax.”

Most of the media pays remarkably little attention to what’s happening. Coverage of global warming has  dipped 40% over the last two years. When, say, there’s a rare outbreak of January tornadoes, TV anchors politely discuss “extreme weather,” but climate change is the disaster that dare not speak its name.

And when they do break their silence, some of our elite organs are happy to indulge in outright denial. Last month, for instance, the Wall Street Journal published  an op-ed by “16 scientists and engineers” headlined “No Need to Panic About Global Warming.” The article was easily  debunked. It was nothing but a mash-up of long-since-disproved arguments by people who  turned out mostly not to be climate scientists at all, quoting other scientists who immediately said their actual work showed just the opposite.

It’s no secret where this denialism comes from: the fossil fuel industry pays for it. (Of the 16 authors of the Journal article, for instance, five had had  ties to Exxon.) Writers from  Ross Gelbspan to Naomi Oreskes have made this case with such overwhelming power that no one even really tries denying it any more. The open question is why the industry persists in denial in the face of an endless body of fact showing climate change is the greatest danger we’ve ever faced.