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John Scales Avery – The Need For A New Economic System

Introduction

One of the greatest threats to the survival of the human species and the biosphere is catastrophic climate change. Scientists warn that if the transition to renewable energy does not happen within very few decades, there is a danger that we will reach a tipping point beyond which feedback loops, such as the albedo effect and the methane hydrate feedback loop, will take over and produce an out-of-control and fatal increase in global temperature.

In 2012, the World Bank issued a report warning that without quick action to curb CO2 emissions, global warming is likely to reach 4 degrees C during the 21st century. This is dangerously close to the temperature which initiated the Permian-Triassic extinction event: 6 degrees C above normal. During the Permian-Triassic extinction event, which occurred 252 million years ago, 96% of all marine species were wiped out, as well as 70% of all terrestrial vertebrates.

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