Oil windfall
mercredi 5 mai 2021 à 02:00A big oil discovery in Namibia offers windfall profits to some of the inhabitants, until global heating destroys their country.
So the people of Namibia have a right to a better life — for a couple of decades — thanks to a little trickle-down from the profits of exploiting a giant oilfield and perhaps destroying civilization?
Of course not! Nobody does! There is no room in the world's carbon budget for any new fossil fuel development, whether it is in California, Namibia, the Mediterranean Sea, or anywhere else.
President Correa of Ecuador asked the wealthy countries to pay Ecuador not to exploit a new oil field. No one took up that deal, but the basic is still a good one. Let's give the people of Namibia a better life in exchange for an agreement to keep that oil forever in the ground.
Of course, we need to structure the deal so that corrupt oligarchs don't swipe the money and put it into secret offshore investments.