Lecture

Greenland's Oil Dilemma

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In course

HUM-471: Economic growth and sustainability I

This course examines growth from various angles: economic growth, growth in the use of resources, need for growth, limits to growth, sustainable growth, population growth. Although grounded in economics, it takes up elements from many other disciplines. ...

Description

This lecture discusses the ethical and environmental implications of exploiting oil reserves discovered in Greenland, focusing on the conflicting interests between economic development and climate change mitigation. The lecture explores the challenges faced by Greenland, a country heavily dependent on Denmark, in deciding whether to extract the oil for financial independence or prioritize environmental sustainability. The instructor presents arguments for and against oil extraction, considering the potential economic benefits for Greenland's population, the risks of environmental degradation, and the geopolitical factors involved in the decision-making process.

Instructor

Philippe Thalmann

Philippe Thalmann was born in Lausanne in 1963. He graduated in Economics from the University of Lausanne in 1984, where he earned a postgraduate diploma in Economics in 1986. Mr. Thalmann entered the doctoral program in Economics of Harvard University (Cambridge, U.S.A.) in 1986, which he completed with a Ph.D. in 1990. His dissertation is entitled: "Essays in the Economics of Government Revenues and Spending". Returning to Switzerland, he was hired as an assistant professor first at the University of Geneva (teachings in Public Economics), then at the University of Lausanne (teachings in Econometrics and Introductory Economics). Since 1994, Mr. Thalmann is associate professor of Economics as the Swiss Federal Institute of Technology at Lausanne.

Official source

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Fossil fuel phase-out

Fossil fuel phase-out is the gradual reduction of the use and production of fossil fuels to zero, to reduce deaths and illness from air pollution, limit climate change, and strengthen energy independence. It is part of the ongoing renewable energy transition. Although many countries are shutting down coal-fired power stations, electricity generation is not moving off coal fast enough to meet climate goals. Many countries have set dates to stop selling petrol and diesel cars and trucks, but a timetable to stop burning fossil gas has not yet been agreed.

Fossil fuel

A fossil fuel is a hydrocarbon-containing material such as coal, oil, and natural gas, formed naturally in the Earth's crust from the remains of dead plants and animals that is extracted and burned as a fuel. Fossil fuels may be burned to provide heat for use directly (such as for cooking or heating), to power engines (such as internal combustion engines in motor vehicles), or to generate electricity. Some fossil fuels are refined into derivatives such as kerosene, gasoline and propane before burning.

Fossil fuels lobby

The fossil fuels lobby includes paid representatives of corporations involved in the fossil fuel industry (oil, gas, coal), as well as related industries like chemicals, plastics, aviation and other transportation. Because of their wealth and the importance of energy, transport and chemical industries to local, national and international economies, these lobbies have the capacity and money to attempt to have outsized influence governmental policy.

Energy subsidy

Energy subsidies are measures that keep prices for customers below market levels, or for suppliers above market levels, or reduce costs for customers and suppliers. Energy subsidies may be direct cash transfers to suppliers, customers, or related bodies, as well as indirect support mechanisms, such as tax exemptions and rebates, price controls, trade restrictions, and limits on market access. The International Renewable Energy Agency tracked some $634 billion in energy-sector subsidies in 2020, and found that around 70% were fossil fuel subsidies.

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