No Amount Of Monetary Resources : A Transition Away From Fossil Fuels, And Towards Renewable Energy Essay

1031 Words Dec 19th, 2016 5 Pages
For serious environmental change to be feasible, a transition away from fossil fuels, and towards renewable energy is required. To achieve this goal, deep and fundamental institutional changes are necessary. The main institutional obstacle that is blocking a transition to renewable energy is the oil sector. This sector is no small obstacle because it has deep pockets, and it is deeply enveloped in every developed country in the world. Per Muzio, natural gases make up an ever-increasing part of the world economy, and a staggering 41 percent of the energy sector [Source Muzio]. This huge amount of monetary resources creates a twofold problem. First off, it gives oil corporations the ability to fight any legislation that harms their profits, which inherently means blocking any new legislation that would benefit renewable energy. The second problem is that because the oil sector occupies such a large base of the economy, any country that willingly moves away from fossil fuels is sacrificing a large chunk of potential income, as well as a huge amount of jobs. There is also the problem that the energy requirement of every country must be fulfilled. As of 2016, renewable energies do not consistently fill these requirements [source Muzio]. There are a few countries that are geologically blessed that can, in the foreseeable future achieve independence from fossil fuels through a diversity of renewable energies such as Finland, but they are currently in the minority [Source ees]. For…

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