, Columnist
What the Oil Price Crash Means for the Climate
A lower cost of crude won’t reverse decarbonization, but a lot depends on what kind of stimulus China deploys.
Solar could get some shine.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
For those awaiting more aggressive action on climate change, it may look like a breaking point has finally arrived.
A sudden collapse in fossil-fuel markets akin to the 2008 financial crisis has long been a scenario for how the world switches to a less carbon-intensive path. With Brent crude trading below $35 and the average yield on the U.S. energy sector’s junk debt above 15% — nearly double its levels in mid-January — it looks very much like a credit crunch is upon us.