"Why does capital love fossil fuels? It's not hard to explain. They exist in a small number of discrete locations, where the right to exploit them can be owned and monopolised. Most can be extracted commercially only at scale, excluding small competitors. They can be stored and traded all over the world, allowing prices to be optimised across time and space. Renewable energy, by contrast, can be generated almost anywhere, by almost anyone with a small amount of money to invest."
"Fossil fuels are uncompetitive and highly profitable. Renewables are highly competitive and not very profitable. As a result, fossil fuel extractors will fight tooth and nail to prevent market forces from operating. They demand the equivalent of the royal monopolies granted by the English Crown centuries ago, excluding competitors and enabling old technologies to fend off newer ones. Their enormous"
Fossil fuels are concentrated in few discrete locations whose extraction rights can be owned and monopolised. Most fossil reserves require large-scale extraction, excluding small competitors, and can be stored and traded globally, enabling price optimisation across time and space. Renewable energy can be generated almost anywhere by many with modest investment, making it competitive but less profitable for capital. High fossil-fuel profits create incentives to preserve monopoly-like control, fund political influence, spread disinformation, and block market forces and newer technologies. Fossil companies bankroll elections, lobby extensively, fund thinktanks and far-right movements to secure regulatory rollbacks and protect profit pipelines.
Read at www.theguardian.com
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