According to The Telegraph of 27 October 2015, fossil fuel companies run a risk of being sued for allegedly helping to deteriorate the earth climate and thus doing, contributed to climate change.
Ambrose Evans-Pritchard sponsored by American Express, wrote this brilliantly prosed and illustrated article for the above mentioned newspaper.
He goes on to explaining how the Bank of America in an address to whom it may concern, has warned that big fossil energy extractors / producers have very little time left before them as increasing risk of legal suits for allegedly abusing the earth’s climate would become a reality. He does also elaborate as to how the present situation is by any mean neither the result of the respective governments nor that of the related industry’s negligence.
A new international climate agreement, to be finalized at the (United Nations Convention on Climate Change) UNFCCC Conference of Parties (COP 21) in Paris next month, would be an opportunity unlike any to confront the climate change challenge despite the fact, as the media brought it to the attention of all that the Conference was sponsored and partly financed by vested interest in the fossil fuel energy sector.
Nevertheless, preparing for next month COP 21 meet in Paris, all developed and developing countries have submitted their national post-2020 climate commitment plans, known as Intended Nationally Determined Contributions (INDCs) that according to and it is expected that, pursuant to any accord, many are anticipating it will be followed by a series of deals that might bring the ultimate target within sight.
The fossil fuel industry , deliberately blamed for all that happen to the earth since the advent of oil, was mostly a phase of development for all countries only, perhaps through which all have to go through.
In the meantime, life as it were carries on. Fuel exploration, production and commercialisation and use as projected by energy industry and OPEC, is undergoing a major crisis or put in another way, who are the winners and the losers in the current low price of oil era.
According to The Economist “Business Insider” the first winner is the world economy itself. A 10% change in the oil price is associated with around a 0.2% change in global GDP, says Tom Helbling of the IMF. A price fall normally boosts GDP by shifting resources from producers to consumers, who are more likely to spend their gains than wealthy sheikhdoms.
In the MENA oil producing countries however, it is a different ball game. The fall of the price of oil since mid-2014 continues and this phenomenon amongst many other things has sharpened the confrontation between two economic and social approaches.
The first is to integrate more forward in the mechanisms of globalization and eventually self-impose austerity on subsidies, public health, and social housing, etc.
The second way is to stick to the agenda of their respective development ambitions that ruled life in these countries for almost half a century with great achievements.
It would be quite interesting to see how all these countries delegates will be sitting beside each other at the COP21 and how would they eventually agree any accord.