Read time: 13 mins
As 2020 begins, the impacts of climate change have become increasingly clear around the world. The new year started amid devastating wildfires, tied to the worst droughts Australia has experienced in hundreds of years, which encircled much of the continent. So far, 29 people have been reported dead. A University of Sydney professor estimated the number of animals killed likely tops one billion.
Today’s climate impacts have been shaped heavily by actions taken during the last 10 years, particularly in the U.S., where the climate benefits of coal power plant retirements were undermined by the rise of natural gas. Global carbon emissions had leveled off in the middle of the last decade, but began to climb again in 2017, breaking records anew each year since.
Over the past decade, as the climate crisis worsened, hundreds of drilling rigs dotted both the Permian Basin’s desert expanses in Texas and the Marcellus Shale’s Appalachian hills, grinding through rock to reach oil and gas trapped in brittle shale deep underground. In that time, the U.S. smashed global records for the production of oil and gas — two of the three fossil fuels most responsible for the ongoing climate crisis.
And at the same time, the last decade’s rush to drill continued to prove spectacularly unprofitable. The year 2020 arrived amid tens of billions of dollars in new fiscal write-downs and losses for oil drillers and fracking firms. Moody’s observed that oil and gas debt defaults represented 91 percent of the country’s total corporate debt defaults during the next-to-last fiscal quarter of the decade.
As the new decade starts, it’s worth taking stock of the last decade’s rush to drill and frack for oil and gas and to consider what we now know about how the costs of climate change have begun piling up at increasing rates over the past 10 or so years.
