Negotiations in Copenhagen

I don’t think too many of us had high hopes for definitive negotiations emanating from Copenhagen. Today we learned of China’s announcement that the developing world won’t commit to greenhouse gas emissions reductions until the developed world leads the way – a stalemate that is regrettable but hardly surprising.

What is perhaps more interesting is the timing of ExxonMobil’s purchase of domestic oil and gas giant XTO Energy for $31 billion. In the media, it was reported as a bet on natural gas (as a lower emission energy source than oil), showing that Exxon anticipates growing restrictions on CO2 emissions. To me, it looks like the precise opposite – i.e., a bet that Copenhagen will not produce a binding result, and that fossil fuels will remain alive and well for the foreseeable future.

In any case, I think we all need to be aware of the fact that, without vigorous grassroots efforts to the contrary, the migration to renewable energy will be a slow and arduous one.