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Presentation/PPT
27/08/2022
Assignment
Case Study
The Unburnable Carbon
In recent years scientists, industry bodies, and environmental ethicists have come up with the concept of the unburnable carbon. The idea at its most simple is:
Pollution from burning carbon in the form of fossil fuels such as coal releases pollution into the environment. This pollution causes a rise in global temperatures.
A rise in global temperatures beyond a certain point will significantly reduce the quality of the environment needed for a minimum quality of life on Earth.
This creates the concept of a carbon budget. This is the total amount of carbon that the planet Earth can take to be released from burning fossil fuels. Let us call that amount of carbon the carbon budget without specifying exact numbers.
Private companies, mostly multinational, currently own the rights to mine and sell fossil fuels that, if burned, would produce carbon far over this budget.
These are resource reserves that multinational companies have already both the rights to mine and sell. Some are included in business plans released to shareholders already.
This gives us the concept of the so-called unburnable carbon that is, fossil fuels that cant be burned if we are to keep below this carbon budget. In other words, it is able to be burnt, it is only unburnable in the sense that we should not and cannot burn it IF we are to stay within the carbon budget and therefore avoid the problematic rise in global temperatures.
This also leads to a carbon bubble which is the idea that the stock of companies whose profits depend on fossil fuel extraction and sales is overvalued because the true cost of extracting and selling these reserves (including externalities) is not yet included in their stock valuation, and because they likely wont be allowed by governments to extract and sell all of those reserves in coming decades.
Questions in response to the case study:
1. What would the normative ethical theories we have covered in this unit say about the key players in this situation and their potential actions?
2. Who are the stakeholders in this scenario and how would you classify their interest according to the salience (i.e. Mitchell et al.) model?
3. What other theories and concepts from the unit are most relevant here and how do they apply?
4. What similarities and differences do you see between this case and the case from Assessment 2 and why?
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