The carbon budget is a simple, but very important concept. It is based on the fact that what matters in addressing climate change is not what governments agree to do by 2050, but the total quantity of greenhouse gases in the atmosphere.
Ecuador has abandoned its plans to leave the oil where it belongs under the Yasuní National Park. Ecuador was asking for US$3.6 billion, or half the market value of the 850 million barrels of oil in the Ishpingo-Tambococha-Tiputini (ITT) oil field below Yasuní. Last week, Ecuador’s president Rafael Correa cancelled the plan and announced that “The world has failed us.”
“If it’s wrong to wreck the climate, it’s wrong to profit from that wreckage.” That’s the slogan of the Fossil Free Movement, a campaign started by Bill McKibben and 350.org to persuade “educational and religious institutions, city and state governments, and other institutions that serve the public good” to divest from fossil fuels.