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We will never stop the fossil fuel industry by banning it. It will only stop itself when its business becomes unprofitable.
And that may happen sooner than you think
The fossil fuel industry is a nasty business. Its leaders knew 50 years ago they were poisoning the planet. They chose to hide that knowledge, lie to the world, and maximize profits at all costs. Today, if you ask why they are continuing to promote fossil fuels over electrification (e.g., source), the answer is again profits. As one industry analyst has noted, the internal rate of return (IRR) for money invested in oil and gas projects today is between 20–50% (assuming oil remains at $75-$85 per barrel, where it sits today). Investing in renewable energy projects, in contrast, would only yield an IRR of about 5–10% (source). So its a simple business decision for the oil giants. They pursue the path that leads to the highest profits, any externalities or environmental damage inflicted along the way is someone else’s problem.
But that unrelenting focus on profits is also the key to how the age of fossil fuels will end. Because when oil becomes unprofitable, the oil and gas giants will stop producing it. They didn’t care about the damage back when they learned they were causing global warming. They don’t care about the damage they are causing today…
