fossil fuel capitalism

By Ashley Kosak and David Klein - System Change not Climate Change, March 22, 2021

By Kate Aronoff - Dissent, Spring 2023

The Inflation Reduction Act presupposes a private sector–led transition. But battles over its implementation could build the political constituencies and expertise needed to take on the fossil fuel industry.

The Inflation Reduction Act would not have happened without the movement for a Green New Deal, but it shouldn’t be confused for one. The climate left (broadly defined) now faces a novel problem: how to deal with having won something—and keep fighting for more.

It’s understandably hard for those who supported Green New Deal proposals for transformative investments in public goods to see the IRA—a bundle of tax credits whose benefits accrue largely to corporations—as a consolation prize. For the many climate hawks galvanized by Bernie Sanders’s bid for the Democratic nomination in 2020, it’s also a far cry from what, for a moment, looked to be within striking distance: governing power.

In some ways the IRA’s passage—and Republicans taking back the House a few months later—marks a return to normal for the climate left. But Democratic Party politics have changed. Top Democratic policymakers openly discuss the need for industrial policy (what one International Monetary Fund paper dubs “the policy that shall not be named”), and hundreds of billions of dollars will soon go out the door to build up domestic supply chains for things like battery storage and critical minerals. In practice, however, that means letting the public sector shoulder the risks of an energy transition while the private sector reaps the rewards. By all accounts the White House seems to imagine climate policy as the project of turning clean energy technologies into a more attractive asset class for investors.

None of this obviates the need for a Green New Deal. Every path to staving off runaway climate catastrophe runs through enormous investments to scale up zero-carbon energy and a simultaneous, brutal confrontation with the fossil fuel industry. Even given unlimited resources, the former simply won’t overpower the latter fast enough. Trillions of dollars in future revenue—coal, oil, and gas that has yet to be dug up and burned—need to be made worthless, even when the market disagrees. Only the state can keep a company from doing what is profitable.

The Green New Deal’s basic political calculus for making the state do that still holds, too: getting to zero emissions requires giving people a reason to be excited about the awe-inspiring project of decarbonization and to come to its defense at the ballot box and beyond. Decarbonization should make the kinds of changes in people’s lives that inspire them to name children after the president they deem responsible. No one will name their kid Biden because they got a $7,500 rebate on a Chevy Bolt.

If winning a Green New Deal is still necessary (it is), then the path to it will be a strange one. A product of the left having shifted the debate on climate and economic policy is that it’s also created a new organizing challenge for itself: how do you build durable democratic majorities for climate action as political elites align around a fundamentally undemocratic vision for what decarbonization should look like?

By Tanya Stasio, PhD, Sachin Peddada, Elisabeth Seliga, Jordan Burt, and Liz Stanton, PhD - Applied Economics Clinic, March 20, 2023

On behalf of the Indigenous Peoples of the Coastal Bend (IPCB), this Applied Economics Clinic (AEC) report summarizes the economic impact of the petroleum industry in Nueces County, Texas and the negative impacts of the polluting facilities located in the City of Corpus Christi and its “Refinery Row” district. While major petroleum companies have promised economic benefits, Corpus Christi's petroleum refineries employ less than 2 percent of the City's workforce. In the absence of more stringent reporting requirements and enforcement actions, Refinery Row releases high levels of harmful pollutants with minor consequences while nearby neighborhoods suffer higher rates of asthma and cancer prevalence rates than other areas in Corpus Christi. 

This report was funded through AEC's Pro Bono Fund, which provides pro bono analysis, research, testimony, policy briefs, or detailed reports to Environmental Justice groups on topics including energy economics, climate and other environmental impacts, and diversity, equity, and inclusion analysis.

Download a copy of this publication here (PDF).

By Patrick Bond and Steve Zeltser - Labor Video Projecte, March 19, 2023

By Arjun Makhijami, Sylvia Chi, et.al. - Just Solutions Collective, March 17, 2023

By Katherine Lanpher, John McCracken, Justin Mikulka, and Yessenia Funes - Grist, March 16, 2023

By Our Changing Climate - Our Changing Climate, March 10, 2023

By John Russell - More Perfect Union, March 9, 2023

By Clara P, et. al. - Tipping Point, March 9, 2023

By Jonathan Blair - In These Times, March 8, 2023

This article, republished from the Daily Yonder, is part of a series of photo essays created for the American Creed ​“Citizen Power” multi-platform documentary initiative exploring American idealism and community leadership from a range of young adult perspectives. 

Jonathan Blair lives, works, and studies at Alice Lloyd College, in Eastern Kentucky. He coordinates a work-study crew of about 60 people, mostly first-generation college students from rural Appalachia. Blair and two of his crew members — Jacob Frazier and Carlos Villanueva — document their connection to blue-collar work in and around the Appalachian coal industry, and they reflect on their hopes for the region. 

Explore more of Jonathan Blair’s story here.