Considerations The environment can be cleaned but the social cost are irreversible ‘Big Oil’ will recover unscathed Economists and government advisors have to work together to using more sustainable policies rather than macroeconomic policies for economic growth. This event will have a positive impact on the changes in policies for climatic change. 44% of world carbon emissions are from burning of petroleum products
mainstream economic paradigm The mainstream economic paradigm focuses mainly on profit and economic growth with little consideration for PPP (People, Planet and Profits) High level concentration of powerful players in the oil industry influences policies.
Deepwater Horizon Disaster not compatible with EEE Service Efficiency Not Applicable Throughput Efficiency Operating beyond safe limits Growth Efficiency Stagnant Ecosystem Efficiency Negative
Is there a Paradigm Shift? New Ideas Investment in R&D New Values Cultural shift New Models Social ecological collaboration
Financial obstacles Oil as an alternative to other more sustainable energy is cheap Technology not readily available or affordable for all Profitability of organisations may be compromised in the short term alternatives Differing opinions within the political system on need and urgency of change in energy industry The way the possibility and practibility of change Sign of maturity to reach shift Willingness is lacking Unofficial sensors – sanitize the science Intellectual obstacles