Tag Archives: Laurence Summers

The Conjoined Twins: Peak Oil and Climate Change

Of modern-day dystopias, the conjoined twins of climate change and peak oil energy (or rather peak energy) are poor dance partners, forever out of tune and stepping on one another’s toes. Despite being conjoined through carbon, the interaction between the two is complex and, at times, contradictory. Accordingly, while most of the environmental movement has embraced both issues, it is a somewhat awkward clinch.  At the most extreme, the thesis of one negates the other: a peak energy carbon constraint caps warming; while a carbon concucopia allows economies to grow head long into a climate crunch (that they may or may not have the wealth to cope with).

Peak oil’s path to respectability has been a little more convoluted than that of climate change.  Indeed, it is still quite far from becoming the consensus. Indeed, for peak oil theorists to emerge victorious they need to slay an even more entrenched existing consensus, that of neoclassical economics. Laurence Summers—a feted economist whose resume includes an academic professorship at Harvard, the role of Chief Economist at the World Bank and stints with both the Clinton and Obama administrations—had this to say about resource constraints back in 1991:

“There are no limits to the carrying capacity of the earth that are likely to bind any time in the foreseeable future. There isn’t a risk of an apocalypse due to global warming or anything else. The idea that we should put limits on growth because of some natural limit, is a profound error and one that, were it ever to prove influential, would have staggering social costs.” Continue reading