Despite the recent approval of a licence for the Rosebank oil and gas field, there is a growing consensus that our reliance on expensive fossil fuel extraction is both unsustainable and financially draining. The vast sums of money we pour into continually unearthing these finite resources could arguably be put to better use, fostering renewable energy solutions and driving toward a greener, more economically-balanced future.
1. Despite the recent licensing of the Rosebank oil and gas field, there is a recognition that dependence on fossil fuel extraction is costly and unsustainable.
2. The substantial amount spent on extracting finite fossil fuel resources could potentially be better utilized in encouraging renewable energy solutions.
3. A shift towards renewable energy can create a more economically balanced and environmentally friendly future.
4. The Rosebank oil and gas field serves as a reminder of our continued reliance on expensive fossil fuels.
5. The high cost often involved in the extraction of these fossil fuels outweighs their benefits, prompting a need for reassessment of our energy priorities.
In 2020, global subsidies for fossil fuel consumption amounted to $320 billion, according to the International Energy Agency.
The Rosebank oil and gas field, although recently licensed, stands as a prominent example of our ongoing dependency on fossil fuels. It raises a contentious issue many are grappling with – the immense expenditure associated with extracting these resources. Although these energy sources have formidable potential, the financial outlay involved in their excavation often overshadows the benefits. We are steadily realizing that we should re-evaluate and reconsider the extent to which we rely on these costly endeavors for our energy needs.