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Hit the nail on the head there - with constant growth we're destined to use up the world's resources, the only question being at what rate and in what order in terms of specific mineral deposits.? As I see it the reality of my previous premise, that the world is broadly living a lie in it’s approach to expecting never ending growth, means that no approach will work. One can already see the gaming approaches by financial institutions with illusionary carbon savings and creative accounting.
So what will work ?
With oil in particular, we seem determined to use the whole lot all at once (in terms of known deposits) and as quickly as possible. Much the same with gas too.
Been there and seen that first hand with the creative accounting. It's how you turn an increase in emissions into a "real terms" decrease by factoring out constant growth. That growth is the problem in the first place seems difficult for many to comprehend.
As for what works, well I think it's rather interesting that most serious discussions of environmental issues that I see ultimately come down to the point that growth must stop. We must aim for GDP in 10 or 20 years time to be lower than it is today. And that means that if we are to maintain living standards, we need to aim for population to decline also.
That scenario applies whether we're talking about oil depletion, CO2, dams or anything else environmental - we'll end up trashing the whole lot if we keep growing.
The shocking statistic that I often quote is for people to realise that at the magic 4% growth that politicians and economists pursue, in the year 2100 Tasmania alone will have a larger economy and use more resources than the entire country does now. I'd challenge anyone to come up with a workable means of implementing that situation even if you were prepared to completely trash the environment. There just aren't enough resources to do it.
And if you want another scare, realise that at this rate of growth Australia alone will use nearly the entire world oil resources over the next century.
As with any pyramid scheme, constant growth falls over eventually and the whole thing comes crashing down. It's inevitable at some point and my guess is that peak oil will be the trigger - the alternatives are less productive and will crimp GDP growth permanently.