THE GREEN NEW DEAL IS TOO CONSERVATIVE:

[I] have come to recognize that one of the most critical assumptions underpinning the forecasts of global warming is wrong. The assumption concerns the fossil fuel industry. Soon it will be gone, at least in most if not all OECD countries. 

The oil, gas, and coal businesses are hurtling toward extinction in Europe, the United States, Canada, and much of Asia today. In many cases, the shareholder-owned companies have chosen to commit the corporate equivalent of suicide. In other cases, customers have turned their backs on these suppliers. Finally, investors are shunning the industry, effectively denying the firms the capital they require to keep operating. 

The industry's death can be seen in the equity markets. Forty years ago, the energy industry dominated the S&P 500. In January 1981, energy accounted for 29 percent of the index by market capitalization. As late as June 2008, energy's share was 17 percent at a time when oil prices were at $140 per barrel. Today, energy is the smallest sector in the S&P 500, accounting for 2.3 percent.

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