This Changes Everything: Capitalism vs. The Climate

by Naomi Klein

In 2011, a think tank in London called the Carbon Tracker Initiative conducted a breakthrough study that added together the reserves claimed by all the fossil fuel companies, private and state-owned. It found that the oil, gas, and coal to which these players had already laid claim—deposits they have on their books and which were already making money for shareholders—represented 2,795 gigatons of carbon (a gigaton is 1 billion metric tons). That’s a very big problem because we know roughly how much carbon can be burned between now and 2050 and still leave us a solid chance (roughly 80 percent) of keeping warming below 2 degrees Celsius. According to one highly credible study, that amount of carbon is 565 gigatons between 2011 and 2049. And as Bill McKibben points out, “The thing to notice is, 2,795 is five times 565. It’s not even close.” He adds: “What those numbers mean is quite simple. This industry has announced, in filings to the SEC and in promises to shareholders, that they’re determined to burn five times more fossil fuel than the planet’s atmosphere can begin to absorb.”