CLIMATE SOCIALISM - why we can't tackle the climate crisis under capitalism.

 Good article - but fails to point to China, as the example of how to progress.


'....for capital, the purpose of production is not to meet human needs or improve society, much less to achieve any ecological goals. The purpose is to maximize and accumulate profit. That is the overriding objective. This is known as the “capitalist law of value”: capital only invests in producing what is profitable to capital.

This poses very severe problems for the energy transition. We know we must reduce fossil fuels and ramp up renewable energy. For ages, economists told us that once renewables became cheaper than fossil fuels, the transition would occur automatically. But it’s not happening. Why? Because while renewables are cheaper than fossil fuels, fossil fuels are around 3 times more profitable. This is because renewables have a low barrier to entry and are highly competitive (which is great for low prices!), while fossil fuels are more conducive to market control and monopoly pricing.'




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