How to Rapidly Reduce Fossil Fuel Use (or Why Rationing Works Better Than Markets)

The burning of fossil fuels—oil, coal, natural gas—is responsible for nearly 90 percent of global carbon emissions. Despite almost-universal recognition of the need to reduce the use of those fossil fuels, the industrialized world is having the hardest time breaking its addiction. The economic rebound from the COVID-19 shutdowns generated the largest ever increase in global emissions from fossil fuels in 2021—around 2 billion tons. The increase in 2022 was considerably more modest—thanks to a surge in renewable energy investments—but it was an increase nonetheless. Meanwhile, subsidies for fossil fuel consumption rose to a record $1 trillion last year. More

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