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Oil industry power is slithering away

By Paul Brown - Climate News Network, May 13, 2017

Big oil is getting smaller. Many of the oil services companies that are employed when new fields are being developed have been laying off workers, and oil companies have been writing down their assets.

The problem is the persistent low price of oil. Despite the best efforts of OPEC − the organisation representing the developing world’s oil producing countries − to limit production and put a squeeze on supplies, oil prices have risen only slightly.

This has put many potential fields in the category of being too expensive to exploit − particularly in the case of the tar sands of Canada, and in the Arctic and difficult-to-reach offshore locations.

One of the areas where small fluctuations in the price of oil make a big difference is in the expansion of the fracking industry in North America, which led to the glut of oil on the world market.

Ecologist Special Report: Divesting from investment in fossil fuels gains momentum in the UK

By Remo Bebié, Finance Dialogue - Ecologist, May 15, 2017

Bill McKibben, Author and co-founder of 350.org is categoric that one of the key ways to tackle climate change is through financial channels: "There is no question we are currently in a state of emergency on climate change. Day in day out people are dying from the effects of climate change. There are many ways to confront this emergency and divestment allows us to get in the way of the money financing the fossil fuel projects behind this crisis.

"The fact that the fossil fuel divestment movement has grown exponentially in the last few years is the best news ever. From the Pacific Islands to South Africa, from the United States to Germany, people are standing up and challenging the power of the fossil fuel industry."

And in the UK too, the divestment movement is now gathering momentum.

Only last week, 50 MPs announced their backing of a campaign calling on parliament's £612m pension fund to divest from fossil fuels.

Faith groups too are also increasingly moving out of fossil fuel investments. Earlier this month, more than a quarter of Britain's Quaker meetings pledged to divest and the Catholic Church is also taking stand ("the Catholic fossil fuel divestment movement has gained further momentum as nine more institutions pull out of fossil fuels, citing a "political impasse" around US withdrawal from the Paris Agreement." )

In late January, the Irish Parliament voted in favour of a law requiring the country's £6.8 billion Ireland Strategic Investment Fund to divest from all fossil fuels over the next five years. The story went viral on social media.

Three weeks ago, Norway's largest private pension fund, Storebrand, launched two new fossil free funds, bringing their fossil free fund portfolio to $1.2 billion. Storebrand also warned that the Norwegian government is overly exposed to fossil fuels through its $900 billion sovereign wealth fund, even though it has already taken significant steps to reduce exposure in the past.

Momentum is gathering at such a speed in the UK it appears to be approaching a tipping point: Waltham Forest and Southwark, two local government pension schemes for boroughs in London, have pledged to fully divest from fossil fuels within the last year, while Hackney's pension fund committed to cut its exposure by 50 percent, as the FT reported recently. Among the UK's Local Government Pension Schemes, these three are on the smaller range, each managing assets between £0.74 and £1.26 billion.  

But examples also include the £2.73 billion Environment Agency's Pension Fund, which is currently ranked second in the Asset Owner Disclosure Project's 2017 ranking (first in 2016) among the world's 500 largest asset owners. The fund is widely considered a global leader in terms of aligning investment strategies with the goals called for in the Paris agreement and reducing financial risks associated with the energy transition.

UK workplace pension scheme NEST, already progressive in terms of integration of Environment, Social and Governance (ESG) issues, has recently added a specific climate tilted fund to it's portfolio. NEST cited "addressing risks and capturing opportunities associated with the move to fight climate change" as reasons for launching the fund. 

Private institutions are taking note too: Last fall, HSBC Bank UK Pension Scheme chose a new climate tilted fund as the equity default option for its £2.6 billion defined contribution (DC) scheme. The scheme's CIO, Mark Thompson, expects the move to deliver "better risk-adjusted return, protection against climate change risks, and a more powerful ESG engagement policy within a passive mandate".

Furthermore, by April 2018, most UK local government schemes are due to be integrated into eight pools, each managing between £12 and £36 billion of pooled assets (see here for a good pooling overview by IPE). Implementation of divestment pledges for individual schemes will depend on the pool structure. The schemes of the London boroughs are already being pooled through London CIV, which recently wrote that it is "focusing on investment strategies the pension fund authorities have shown most demand for, namely: global equity income; sustainable equities; emerging markets and value strategies." 

Many other pools are now in the process of hiring executives: Brunel, the pool which contains the Environment Agency's Pension Fund, and LGPS Central have named new chairs within the last month. The London Pension Fund Authority (LPFA) is currently "seeking to recruit additional Board Members with knowledge and experience of either: 1) Environmental Social and Corporate Governance issues in a pension fund, with a strong commitment to delivering divestment from fossil fuels; or 2) strategic and sustainable infrastructure investment by pension funds, with a breadth of experience across all forms of infrastructure investment." 

All this indicates that more activity may be expected from the UK's public and private institutional investors. And public pressure is rising as well as various UK local government pension schemes are engaged by campaigners as part of the Global Divestment Mobilisation (GDM) with calls for fossil fuel divestment (see here for complete list of LGPS engagements within the Mobilisation).

Getting Out of Our Coal Hole

By Oscar Reyes - CounterPunch, May 11, 2017

When you’re in a hole, it’s usually best to stop digging. But when President Trump told supporters at his 100th day rally in Pennsylvania that “we are putting our coal miners back to work,” he just burrowed deeper into the bed of administration lies on energy.

The truth of the matter is that climate regulations aren’t a “war on coal,” and no amount of presidential photo-ops will bring mining jobs back. A recent report from the Center for Global Energy clearly shows why.

The demand for U.S. coal has collapsed in the past six years, it explains, following big improvements in energy efficiency (like better lighting and appliances), cheaper gas and renewables, and a decline in coal exports as other countries look to cleaner sources of energy.

Three of the four largest coal mining companies have filed for bankruptcy, while Bob Murray — CEO of the largest remaining one — recently warned Trump that coal jobs are unlikely to return. The CEO should know, as Murray Energy’s formula for avoiding bankruptcy has largely involved slashing jobs, compromising safety, and worsening labor conditions.

America’s main competitors get the point and have already planned to phase out coal. On April 21, the United Kingdom met its energy needs without burning any coal at all — for the first time since the Industrial Revolution. And the country’s last coal-burning power station will close within the next decade.

Meanwhile, a majority of energy companies in the European Union have promised to stop investing in new coal plants by 2020.

China is also fast reducing its reliance on coal. It recently canceled over 100 planned new coal-fired power plants, as well as slashing production at state-controlled coal mines. China has pledged to reduce coal production by 800 million tons per year by 2020, more than the entire annual output of all U.S. mines combined.

Instead of trying to revive the mining sector, in short, we should be planning for its replacement.

One Class, One Struggle! Undocumented and Documented Workers Unite on May Day

By Patrick O’Donoghue - The Organizer, May 1, 2017; crossposted from iww.org

A Day of Resistance!

Today is May Day, or as we in the labor movement call it, International Worker’s Day- a day of celebration and resistance for working class people. It is a day not only of looking forward to the future, but also remembering the lessons of the past. May Day commemorates the struggle of the Haymarket Martyrs, a group of labor organizers, most of them immigrants, executed in Chicago for their work in the Eight Hour Day movement. The Eight Hour Day was the first time that workers around the world joined together in one campaign, supporting each other’s strikes and protests around a single demand- reduce the work day to eight hours, without a cut in pay. The movement faced violence and arrests from governments, but eventually won in country after country. The eight hour day became the basic work day for workers across the countries where the movement fought, with victories across Europe, North and South America, Australia, Iran, Japan, and elsewhere. Over a century ago, workers realized the power we have when we refuse to be divided by borders, industry, or race.

This May Day is also the Day Without Immigrants. It is the latest in a wave of of day strike by immigrant workers- not only to protest wages and work conditions, but also to protest the Trump’s plans to increase deportations. Under the Trump’s ramping up of the Obama administration’s already record-breaking deportations, ICE has increasingly targeted previously protected DREAMers and other undocumented people not otherwise criminalized by the state. ICE raids are becoming more regular even in “Sanctuary Cities”, and more of our neighbors, coworkers, family, and friends are being captured, torn from their homes, forced through over-crowded detention centers and courts without due process.

In the Twin Cities, many of the actions today are organized by CTUL, the workers center for low wage workers of color, especially immigrant workers. Even more of the walk outs and sick outs are “wildcat” actions organized on the shop floor between undocumented workers, without needing the go-ahead from a union or organizer.

By striking, these undocumented workers are showing how important they are to making the world run. How many restaurants are shut down today because the back end staff didn’t come in? How many landscapers and construction companies who rely on day laborerers are not making money today? How many farm fields aren’t being worked? Every day, undocumented immigrant workers do some of the toughest jobs in America, and the country starts to grind to a halt without immigrant workers. Deportations crackdowns have already left millions of dollars of produce to rot in the fields in Alabama, Georgia, and California as farmers dependent on exploiting undocumented workers can’t find Americans to work for as low as $10,000-$12,000 a year. The four industries with the most undocumented workforce- agriculture, cleaning and maintenance, construction, and food preparation and service- are all expecting labor shortages if Trump’s deportation plan is carried out. American companies and bosses need our immigrant fellow workers- but the administration and parts of the press try to tell workers who are citizens that undocumented workers are hurting American working standards. Nothing could be further from the truth.

Will supporting carbon capture help coal mining communities?

By Nick Mullins - Thoughtful Coal Miner, March 20, 2017

I just read an article stating the National Resource Defense Council and the Clean Air Task Force, two well known, well funded environmental organizations, are now showing support for carbon capture technology at coal fired power plants.

My question is, how will this help a just transition for Appalachia and other areas impacted by coal mining?

Let’s recap the coal industry’s impacts on their employees and local communities:

  • Billions of dollars of coal have left coal mining communities throughout the nation and those communities continue to be among the most economically depressed, unhealthiest, most disadvantaged areas in the nation.
  • Coal companies continuously seek ways to eliminate their debts to coal miners and their families by terminating retirement benefits including healthcare.
  • Coal companies spend money appealing black lung benefits awarded to coal miners.
  • Coal companies also get out of cleaning up the messes they leave behind, including acidic mine drainage, coal slurry impoundments, land subsidence, and terrible surface mine reclamation jobs.

In summation, aside from creating a handful of jobs that take away our long term health, the coal industry is a plague.

Supporting carbon capture gives lease to the coal industry so they may continue their operations. It is a poor solution to treating a symptom rather than addressing the source of our problems—excessive energy use. Why is it so difficult to implement and support behavior based energy efficiency education, and to invest in energy efficiency technology that could provide thousands of jobs?

The Coal Industry is a Job Killer

By Basav Sen - CounterPunch, April 28, 2017

When Donald Trump announced he was rolling back the Obama administration’s signature climate rules this spring, he invited coal miners to share the limelight with him. He promised this would end the so-called “war on coal” and bring mining jobs back to coal country.

He was dead wrong on both counts.

Trump has blamed the prior administration’s Clean Power Plan for the loss of coal jobs. But there’s an obvious problem with this claim: The plan hasn’t even gone into effect! Repealing it will do nothing to reverse the worldwide economic and technological forces driving the decline of the coal industry.

And the problem is global. As concern rises over carbon dioxide, more and more countries are turning away from coal. U.S. coal exports are down, and coal plant construction is slowing the world over — even as renewables become cheaper and more widespread.

To really bring back coal jobs, Trump would have to wish these trends away — along with technological automation and natural gas, which have taken a much bigger bite out of coal jobs than any regulation.

Could domestic regulation have played some role in the decline of coal? Sure, some. Rules limiting emissions of mercury and other pollutants from burning coal, and limiting the ability of coal-burning utilities to dump toxic coal ash in rivers and streams, likely put some financial pressure on coal power plants.

However, those costs should be weighed against the profound health benefits of cleaner air and water.

Cleaning up coal power plants (and reducing their number) leads to fewer children with asthma, fewer costly emergency room visits, and fewer costly disaster responses when massive amounts of toxic coal ash leach into drinking water sources, to name just a few benefits. Most reasonable people would agree those aren’t small things.

There’s also the fact that the decline in coal jobs, while painful for those who rely on them, tells only a small part of the story. In fact, there are alternatives that could put hundreds of thousands of people back to work.

Here are a few little-known facts: Coal accounts for about 26 percent of the electricity generating capacity in our country — and about 160,000 jobs. Solar energy accounts for just 2 percent of our power generation — and 374,000 jobs.

In other words, solar has created more than twice as many jobs as coal, with only a sliver of the electric grid. So if the intent truly is to create more jobs, where would a rational government focus its efforts?

It’s not just solar, either. The fastest growing occupation in the U.S. is wind turbine technician. And a typical wind turbine technician makes $25.50 an hour, more than many fossil fuel workers.

By rolling back commonsense environmental restraints on the coal industry, Trump is allowing the industry to externalize its terrible social and environmental costs on all of us, giving the industry a hidden subsidy. He’s also reopening federal lands to new coal leases, at rates that typically run well below actual market value.

By subsidizing a less-job intensive and more established industry, Trump’s misguided policy changes will thwart the growth of the emerging solar and wind industries, which could create many, many more jobs than coal. In fact, hurting these industries by helping coal might even result in a net job loss for everyone.

Then again, maybe this was never about jobs. Maybe the administration’s intent all along was to reward well-connected coal (and oil and gas) oligarchs who make hefty campaign contributions. If so, that was a good investment for them.

For ordinary working people — and for our planet — the cost could be too much to bear.

Restoring the Heartland and Rustbelt through Clean Energy Democracy: an Organizing Proposal

By Steve Ongerth - IWW Environmental Unionism Caucus, April 29, 2017

The world faces a crises of enormous proportions. Global warming, caused by the continued burning of fossil fuels, threatens life on Earth as we know it, and yet, those most responsible for causing the crisis, the fossil fuel wing of the capitalist class, seems hell bent on doubling down on business as usual. In the United States of America, whose corporate overlords are among the worst offenders, they are led by the recently elected Donald Trump, whose cabinet is bursting at the seams with climate change denialists and fossil fuel capitalist industry representatives. Instead of transitioning to a clean energy economy and decarbonizing society as quickly as possible, as climate scientists overwhelmingly recommend, Trump and his inner circle would seemingly rather not just maintain the status quo; they’ve signaled that they intend to make the worst choices imaginable, putting all of the US’s energy eggs into the oil, natural gas, and coal basket.

Worse still, Trump claims to enjoy a good deal of support for such moves from the Voters who elected him, which includes a good portion of the "White working class" who have traditionally supported the Democratic Party, whose policies are just barely more favorable to addressing the problems of global warming (which is to say, still woefully inadequate). Meanwhile, the leadership of the AFL-CIO, pushed principally by the Building Trades unions, have doubled down on their efforts to continue to serve as capital’s junior partners, even as the latter continues to liquidate them in their ongoing campaign of systemic union busting.  Just recently, science teachers across the country began to find packets in their school mailboxes, containing a booklet entitled "Why Scientists Disagree About Global Warming", a DVD, and a cover letter urging them to "read this remarkable book and view the video, and then use them in your classroom," courtesy of the climate change denialist Heartland Institute.

One might think, given all of these situations, that…well, to put it mildly…we’re doomed. However, nothing could be further from the truth. In fact, in spite of the bleakness of these circumstances, a deeper look behind them reveals that fossil fuel capitalism is in terminal decline, that their hold over our lives hangs by a thread, so much that we the people, the workers and peasants of the world, have the ability to transform the human existence to one based not on plundering the Earth and exploiting the masses for the profit of a few, but one based on true grassroots democracy, free of suffering and want, and one that exists in harmony with the Earth. The key to making this transformation lies with clean energy, and the people who can make this transformation are the very people who helped elect Donald Trump themselves. One may justifiably ask, how is this even remotely possible?

This new organizing proposal, Restoring the Heartland and Rustbelt through Clean Energy Democracy, offers a potential solution and practical steps to achieve it which can not only break the reactionary tide, perhaps once and for all, but also can greatly accelerate the very necessary process of abolishing capitalism and building a new, ecological sustainable world in the shell of the ecocidal old by building an intersectional movement championing "Clean Energy Democracy". Such a movement has the potential to unite workers, rural and rustbelt communities, climate justice activists, environmentalists, indigenous peoples, and farmers of all backgrounds and revitalize a vibrant and grassroots democratic anti-capitalist left, and it offers goals that help address the intertwining crises of global warming, decadent capitalism, failing economies, and demoralized communities plagued by economic depression, racism, and reactionary nationalism.

While the burgeoning "resistance", loosely led by a coalition of groups and movements with a smorgasbord of goals and demands, many of which are reformist and defensive (though not undesirable if seen as steps along the way to more revolutionary and transformative demands) has so far successfully held back much of the worst intentions of Trump and the forces he represents, making the latter fight tooth and nail for every single inch (as well they should), such resistance still lacks the positive vision needed to truly meet the needs of most people, including especially the most oppressed and downtrodden. By contrast, Restoring the Heartland and Rustbelt through Clean Energy Democracy offers one piece of a revolutionary and transformative vision that can truly help build a new world within the shell of the old, thus putting an end to capitalist economic oppression as well as the ongoing systematic destruction of the Earth's ability to sustain life.

Download the Proposal (PDF File).

Goodbye Administrative State, Hello Community Resilience

By Richard Heinberg - Post Carbon Institute, April 5, 2017

White House strategist Steve Bannon’s project for the “deconstruction of the administrative state” appears to be out of the starting blocks and well on its way toward a glorious victory lap. Using executive orders and other directives, President Trump has so far:

  • Curbed several of President Obama’s climate regulations, notably the Clean Power Plan to move America away from coal dependency.
  • Ordered a review of tougher U.S. vehicle fuel-efficiency standards put in place by the previous administration.
  • Directed the Treasury secretary to review the 2010 Dodd-Frank financial regulatory law.
  • Instructed the Labor Department to delay implementing an Obama rule requiring financial professionals who are giving advice on retirement—and who charge commissions—to put their client’s interests first.
  • Instructed agencies that for every new regulation introduced, two existing ones need to be abolished.
  • Required every agency to establish a Regulatory Reform Task Force to evaluate regulations and recommend rules for repeal or modification.
  • Revived the Keystone XL and Dakota Access pipelines.
  • Imposed a hiring freeze for federal government workers (excluding the military) as a way to shrink the size of government.
  • Directed federal agencies to ease the “regulatory burdens” of Obamacare.

But that’s not all. The president has nominated officials who clearly intend to gut the agencies over which they will preside (notably Betsy DeVos at the Department of Education, Scott Pruitt at EPA, Alexander Acosta at Labor, and Rick Perry at Energy). And he has submitted a proposed budget that would dramatically cut funding for every department other than the military. Environmental, worker, financial, and consumer regulations are about to disappear by the batch, bale, and bushel. While the Reagan and Bush II administrations sought to aggressively weed out unwanted federal rules, Trump appears to be taking a flamethrower to the entire garden patch.

It is all happening so quickly that it’s difficult to mentally process the implications. By itself, the repeal of the Clean Power Plan is momentous: it effectively cedes U.S. leadership on international efforts to combat climate change (as if to dispel any doubt on the matter, Trump is considering withdrawing from the Paris climate accord). Two decades of work by climate activists have crumbled with the stroke of a pen. Some environmentalists have put on a brave face, pointing out that efforts by states like California to promote solar and wind power won’t be affected. But the current national build-out rate of renewable energy generation capacity is only about a tenth what would be required to produce the amount of energy needed, in the time required, to avert some combination of catastrophic climate change and economic disaster (and that’s if wind and solar technologies are even capable of powering a consumer economy on the scale of the U.S.; as of now, they probably aren’t). Obama’s efforts probably constituted a step in the right direction, but they were far from sufficient. Now even that tentative momentum has been broken, and it will be years before the nation can win back a similar level of federal effort to rein in greenhouse gas emissions. But climate change won’t wait; we really don’t have four or eight more years to waste.

The implications for education, health care, labor, and financial regulation are just as dire on their own terms, even if they don’t threaten global catastrophe.

How the Democrats Lost West Virginia and the Coal Miners To Trump

By Les Leopold - Common Dreams, April 7, 2017

“C’mon, fellas. You know what this is? You know what this says? You’re going back to work.” ― Donald Trump on signing an executive order to reverse the Obama Administration’s rules on coal, March 28, 2017.

Lyndon Baines Johnson in 1964 buried Barry Goldwater in West Virginia, 67.9 percent to 32.1 percent. By 2016, Trump completely reversed that landslide by defeating Hillary Clinton 67.9 percent to 26.2 percent. What happened to turn such a deep blue state into flaming red?

The Democratic Party establishment has a simple explanation: West Virginians are so hung up on cultural issues like guns, gays, abortion and their mythical self-image as “coal country” that they vote against their own material interests. They seem impervious to the fact that they are major beneficiaries of Obamacare and Medicaid. They don’t seem to notice that health care jobs far exceed coal-related jobs which have been decimated by new technologies, and market competition from natural gas and renewables.

As New York Times columnist Paul Krugman recently writes, “So West Virginia voted overwhelmingly against its own interests. ....Coal country residents.... were voting on behalf of a story their region tells about itself, a story that hasn’t been true for a generation or more.”

Can Coal Make a Comeback?

By Trevor Houser, Jason Bordoff, and Peter Marsters - Columbia Center on Global Energy Policy, School of International and Public Affairs, and the Rhodium Group, April 2017

From the introduction: Six years ago, the US coal industry was thriving, with demand recovering from the Great Recession, and global coal prices at record highs along with the stock prices of US coal companies. By the end of 2015, however, the industry had collapsed, with three of the four largest US miners filing for bankruptcy along with many other smaller companies. While coal mining employment has been on the decline for decades – from a peak of more than 800,000 in the 1920s to 130,000 in 2011 – the pace of job loss over the past six years has been particularly dramatic. After campaigning on a promise to end what he called his predecessor’s “War on Coal,” President Donald Trump signed an Executive Order in March 2017 ordering agencies to review or rescind a raft of Obama-era environmental regulations, telling coal miners they would be “going back to work.”

This paper offers an empirical diagnosis of what caused the coal collapse, and then examines the prospects for a recovery of US coal production and employment by modeling the impact of President Trump’s executive order and assessing the global coal market outlook. In short, the paper finds:

  • US electricity demand contracted in the wake of the Great Recession, and has yet to recover due to energy efficiency improvements in buildings, lighting and appliances. A surge in US natural gas production due to the shale revolution has driven down prices and made coal increasingly uncompetitive in US electricity markets. Coal has also faced growing competition from renewable energy, with solar costs falling 85 percent between 2008 and 2016 and wind costs falling 36 percent.
  • Increased competition from cheap natural gas is responsible for 49 percent of the decline in domestic US coal consumption. Lower-than-expected demand is responsible for 26 percent, and the growth in renewable energy is responsible for 18 percent. Environmental regulations have played a role in the switch from coal to natural gas and renewables in US electricity supply by accelerating coal plant retirements, but were a significantly smaller factor than recent natural gas and renewable energy cost reductions.
  • Changes in the global coal market have played a far greater role in the collapse of the US coal industry than is generally understood. A slow-down in Chinese coal demand, especially for metallurgical coal, depressed coal prices around the world and reduced the market for US exports. More than half of the decline in US coal company revenue between 2011 and 2015 was due to international factors.
  • Implementing all the actions in President Trump’s executive order to roll back Obama-era environmental regulations could stem the recent decline in US coal consumption, but only if natural gas prices increase going forward. If natural gas prices remain at or near current levels or renewable costs fall more quickly than expected, US coal consumption will continue its decline despite Trump’s aggressive rollback of Obama-era regulations.
  • While global coal markets have recovered slightly over the past few months due to supply restrictions in China and flooding in Australia, we expect this rally to be short-lived. Slower economic growth and structural adjustment in China will continue to put downward pressure on global coal prices and limit the market opportunities for US exports. Indian coal demand will likely grow in the years ahead, but not enough to make up for the slow-down in China. The same is true for other emerging economies, many of whom are negatively impacted by decelerating Chinese commodities demand themselves.
  • Under the best case scenario for US coal producers, our modeling projects a modest recovery to 2013 levels of just under 1 billion tons a year. Under the worst case scenario, output falls to 600 million tons a year. A plausible range of US coal mining employment in these scenarios ranges from 70,000 to 90,000 in 2020, and 64,000 to 94,000 in 2025 and 2030 -- lower than anything the US experienced before 2015.

These findings indicate that President Trump’s efforts to roll back environmental regulations will not materially improve economic conditions in America’s coal communities. As such, the paper concludes with recommendations for steps that the federal government can take to safeguard the pension and health security of current and retired miners and dependents and support economic diversification. Attracting new sources of economic activity and job creation will not be easy, and even at its most successful will not return coal country to peak levels of past prosperity.

But responsible policymakers should be honest about what’s going on in the US coal sector—including the causes of coal’s decline and unlikeliness of its resurgence—rather than offer false hope that the glory days can be revived. And then support those in America’s coal communities working hard to build a new economic future.

Read the text (PDF).

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