The world’s largest offshore wind developer Ørsted, has cut its dividend and will lay off workers after poor quarterly numbers. In its earnings report, management said the company was “Exiting Norway, Spain, and Portugal as well as deprioritising development in other markets including Japan. “ For the most recent quarter, it shows both an EBITDA loss and an operating one. The news is terrible for both Ørsted and the green business community. Wind and solar are considered the foundation of the efforts to replace fossil fuels. Even private capital investments in the sector have slowed. If wind will be a major part of energy’s future, it won’t be happening for a long time if Ørsted’s results are an indication.
In a long essay, The Guardian argues that the world is ill-prepared for climate change despite a record-hot year in 2023 based on global temperatures, drought, and major storms. Among the major reasons is that carbon emissions are not falling. This is despite efforts by many of the world’s largest nations and some, but not all, major fossil fuel companies. The paper quotes Raul Cordero, a climate professor at the University of Groningen and the University of Santiago said: “In some regions of the world, we are facing climate-fuelled disasters for which we are not prepared, and it is unlikely that we will be able to fully adapt to them.” It is a reminder that violent, violent climate changes will get worse and not better.
The Human Behavior Problem
The Royal Society posted a research paper titled, “Characteristic processes of human evolution caused the Anthropocene and may obstruct its global solutions.” The conclusion is that humans tend to believe the problems they face, no matter what their nature, can be solved by humans. Climate change falls into this category, but efforts at solutions have been poorly managed and ineffective. The authors argue that human effort to solve problems may increase, but usually only after the problem is beyond solving.
In a paper posted by the MacArthur Foundation, Jorgen Thomsen, Director of Climate Solutions, argues that the clean air movement should not repeat patterns of fossil fuel companies and large fossil-producing nations. As the availability of clean energy grows, “We must ensure that this transition, which is a positive response to the climate crisis, is just and fair for people, particularly individuals and communities that are already marginalized.” The fossil fuel industry, he argues, has had practices that favor the affluent nations.