Autor: venred

•  $40 million capital in development and decommissioning program for first half 2021
• Seven well drilling program builds on success of 2020 Willesden Green Cardium locations

CALGARY, AB, Jan. 5, 2021 /PRNewswire/ – OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) («Obsidian Energy» or the «Company«) today announced first half 2021 guidance as the Company continues to advance its development in the Cardium area. A total of $35 million in capital expenditures plus $5 million in decommissioning expenditures is currently budgeted for the first half of 2021, furthering the Company’s Cardium development activity in Willesden Green with a planned seven well drilling program that builds on the 2020 program where Obsidian Energy experienced strong production results. Assuming continued supportive commodity prices and weather conditions, Obsidian Energy could expand the first half drilling program to eight wells. The Company’s successful optimization program will also continue with $4 million allocated in the first half of 2021 (included in the capital expenditure figures above) in order to capture further highly attractive capital efficiencies. 

«Our 2020 drilling program resulted in some of the best wells we’ve seen in the history of our Cardium program,» said Stephen Loukas, Obsidian Energy’s Interim President and CEO. «Our first half 2021 program will build on these results with most of the wells adjacent to or very near our 2020 wells, which produced excellent production rates at very low operating costs. With shallow production declines and a strong portfolio of development opportunities, our expansion in this area forms the foundation in creating the ‘Cardium Champion’ along with potential future consolidation.»

Obsidian Energy began its first half 2021 program in December, and has successfully rig-released the first two wells on the 4-35 Cardium pad located in Crimson Lake, which is adjacent to the 1-27 and 12-26 pads that were drilled in 2020 and produced some of the highest production rates in the Company’s Cardium development history. One drilling rig is being utilized to deliver the seven-well program, offering significant operating and capital efficiencies. While Obsidian Energy expects to drill all seven wells prior to spring break up, current guidance assumes that only five wells are brought on stream in the first half of 2021 with the remaining two wells scheduled to be completed as soon as weather and ground conditions allow, giving the Company a jump-start on its second half capital program.

The first half development program will strengthen the Company’s underlying production base and position it to maintain 2021 first half average production at 2020 exit levels, while generating incremental free cash flow for debt repayment. Obsidian Energy’s operational flexibility provides management with the ability to quickly modify development plans as commodity prices fluctuate – increasing capital expenditures and adding new production in higher oil price environments or reducing development activities and protecting liquidity in low price scenarios. If WTI oil prices remain near US$50 per barrel, management anticipates utilizing two drilling rigs in its second half 2021 capital program.  

Stephen Loukas continued, «Throughout 2021, we will continue to monitor commodity prices and be strategic in our capital allocation to optimize economic returns. With our land base held by production, we can grow light-oil production when it makes financial sense, with the added competitive advantage of being able to draw from a deep inventory of opportunities across our diverse portfolio.»

The Company’s first half 2021 production and cost guidance is provided below, which assumes five wells are completed and brought on production in the first half of the year.

CORPORATE UPDATE

Obsidian Energy closed the year with another strong operational quarter and is on track to meet the Company’s previously issued 2020 guidance below.

The Company’s Bigoray egress project continues to be on schedule and on budget with permitting and groundwork completed and key equipment on location. During January, pipeline, electrical and control system installations will be completed and approximately 450 boe/d of high netback, oil-weighted net production is expected to be restored by the end of the month. Obsidian Energy continues to pursue third-party processing revenue opportunities.

Obsidian Energy has successfully abandoned 99 net wells in the fourth quarter of 2020 supported through participation in the Alberta Site Rehabilitation Program («ASRP«), resulting in a reduction of over $3 million to the Company’s inactive decommissioning liability. This impact is in addition to 148 net wells abandoned by Obsidian Energy’s Area Based Closure («ABC«) spending in the first half of 2020. 

ASRP activity will be expanded in 2021 with anticipated deployment of nearly $10 million of ASRP grants. The Company expects to abandon an additional 422 net wells prior to the end of 2022 due to the support from this program. Grants previously awarded on Obsidian Energy licenses in the first two application periods were increased by $0.5 million to better reflect costs for these activities, bringing the total grants and allocations to date to $22 million. The Company expects to receive additional ASRP support grants via the fifth and sixth application periods, which are scheduled to open February 1, 2021. 

In addition, Mr. Loukas’ employment contract has been extended through the end of January 2021 to allow for the Board to negotiate a longer-term extension.

HEDGING UPDATE

The Company has continued to build on its hedge book with a focus on the first quarter of 2021, and currently has the following financial oil and natural gas hedges and physical oil hedges in place:

Financial 

 

Physical ¹

UPDATED CORPORATE PRESENTATION

For further information on these and other matters, Obsidian Energy has posted an updated corporate presentation which can be found on its website, www.obsidianenergy.com. Key information includes maps and plans for the first half 2021 capital program.

ADDITIONAL READER ADVISORIES

OIL AND GAS INFORMATION ADVISORY

Barrels of oil equivalent («boe») may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value. Boe/d means barrels of oil equivalent per day.

Abbreviations

FORWARD-LOOKING STATEMENTS

Certain statements contained in this document constitute forward-looking statements or information (collectively «forward-looking statements») within the meaning of the «safe harbour» provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as «anticipate», «continue», «estimate», «expect», «forecast», «budget», «may», «will», «project», «could», «plan», «intend», «should», «believe», «outlook», «objective», «aim», «potential», «target» and similar words suggesting future events or future performance. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: the first half 2021 guidance including production, capital and decommissioning expenditures, operating and G&A expenses, and optimization expenditure; that out first half 2021 program will build on the recent results with excellent production rates, low operating costs; the number of drilling rigs to be used under the program, the number of wells to be drilled and when, and how the program will impact Company production and exit levels, free cash flow and debt repayment; how the program will change depending on WTI oil price levels; that the shallow production declines and a strong portfolio of development opportunities, allow our expansion in the Cardium to form the foundation in creating the «Cardium Champion» along with potential future consolidation; the 2020 guidance including production, capital and decommissioning expenditures, operating and G&A expense; expectations on the Company’s Bigoray egress project, ASRP and CEO employment contract; and future hedges.

With respect to forward-looking statements contained in this document, Obsidian Energy has made assumptions regarding, among other things: that Obsidian Energy, which is subject to a short term extension on its senior revolving credit facility continues to obtain extensions in respect of its facilities and otherwise continue to satisfy the applicable covenants under its senior revolving credit facilities; that Obsidian Energy will continue as a going concern and realize its assets and discharge its liabilities in the normal course of business; that the Company does not dispose of or acquire material producing properties or royalties or other interests therein other than stated herein (provided that, except where otherwise stated, the forward-looking statements contained herein (including our guidance set out under the charts for 2020 production and cost guidance and first half of 2021 production and cost guidance) do not assume the completion any other transaction); the impact of regional and/or global health related events, including the ongoing COVID-19 pandemic, on energy demand; that the Company’s operations and production will not be disrupted by circumstances attributable to the COVID-19 pandemic and the responses of governments and the public to the pandemic; global energy policies going forward, including the continued agreement of members of OPEC, Russia and other nations to adhere to existing production quotas or further reduce production quotas; Obsidian Energy’s ability to execute on its plans as described herein and in its other disclosure documents and the impact that the successful execution of such plans will have on Obsidian Energy; that the current commodity price and foreign exchange environment will continue or improve; future capital expenditure levels; future crude oil, natural gas liquids and natural gas prices and differentials between light, medium and heavy oil prices and Canadian, West Texas Intermediate (WTI) and world oil and natural gas prices; future crude oil, natural gas liquids and natural gas production levels, including that we will not be required to shut-in additional production due to the continuation of low commodity prices or the further deterioration of commodity prices and our expectations regarding when commodity prices will improve such that shut-in properties can be returned to production; future exchange rates and interest rates; future debt levels; the ability to execute our capital programs as planned without significant adverse impacts from various factors beyond our control, including weather, wild fires, infrastructure access and delays in obtaining regulatory approvals and third party consents; the Company’s ability to obtain equipment in a timely manner to carry out development activities and the costs thereof; the Company’s ability to market its oil and natural gas successfully to current and new customers; the Company’s ability to obtain financing on acceptable terms; and the Company’s ability to add production and reserves through development and exploitation activities.

Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the forward-looking statements contained herein will not be correct, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the possibility that we are not able to continue as a going concern and realize our assets and discharge our liabilities in the normal course of business; the possibility that the Company will not be able to continue to successfully execute our business plans and strategies in part or in full, and the possibility that some or all of the benefits that the Company anticipates will accrue to our Company and our stakeholders as a result of the successful execution of such plans and strategies do not materialize; the possibility that the Company is unable to complete one or more of the potential transactions being pursued pursuant to our ongoing strategic alternatives review process (including the proposed acquisition of Bonterra Energy Corp.), on favorable terms or at all, or that the Company and its stakeholders do not realize the anticipated benefits of any such transaction that is completed; the possibility that the Company ceases to qualify for, or does not qualify for, one or more existing or new government assistance programs implemented in connection with the COVID-19 pandemic and other regional and/or global health related events or otherwise, that the impact of such programs falls below our expectations, that the benefits under one or more of such programs is decreased, or that one or more of such programs is discontinued; the impact on energy demand and commodity prices of regional and/or global health related events, including the ongoing COVID-19 pandemic, and the responses of governments and the public to the pandemic, including the risk that the amount of energy demand destruction and/or the length of the decreased demand exceeds our expectations; the risk that the significant decrease in the valuation of oil and natural gas companies and their securities and the decrease in confidence in the oil and natural gas industry generally that has been caused by the COVID-19 pandemic persists or worsens; the risk that the COVID-19 pandemic adversely affects the financial capacity of the Company’s contractual counterparties and potentially their ability to perform their contractual obligations; the possibility that the revolving period and/or term out period of our credit facility and the maturity date of our senior notes is not further extended (if necessary), that the borrowing base under our credit facility is reduced, that the Company is unable to renew our credit facilities on acceptable terms or at all and/or finance the repayment of our senior notes when they mature on acceptable terms or at all and/or obtain debt and/or equity financing to replace one or both of our credit facilities and senior notes; the possibility that we breach one or more of the financial covenants pursuant to our agreements with our lenders and the holders of our senior notes; the possibility that we are forced to shut-in additional production or continue existing production shut-ins longer than anticipated, whether due to commodity prices failing to rise or decreasing further or changes to existing government curtailment programs or the imposition of new programs; the risk that OPEC, Russia and other nations fail to agree on and/or adhere to production quotas from time to time that are sufficient to balance supply and demand fundamentals for crude oil; general economic and political conditions in Canada, the U.S. and globally, and in particular, the effect that those conditions have on commodity prices and our access to capital; industry conditions, including fluctuations in the price of crude oil, natural gas liquids and natural gas, price differentials for crude oil and natural gas produced in Canada as compared to other markets, and transportation restrictions, including pipeline and railway capacity constraints; fluctuations in foreign exchange or interest rates; unanticipated operating events or environmental events that can reduce production or cause production to be shut-in or delayed (including extreme cold during winter months, wild fires and flooding); the possibility that fuel conservation measures, alternative fuel requirements, increasing consumer demand for alternatives to hydrocarbons and technological advances in fuel economy and renewable energy generation systems could permanently reduce the demand for oil and natural gas and/or permanently impair the Company’s ability to obtain financing on acceptable terms or at all, and the possibility that some or all of these risks are heightened as a result of the response of governments and consumers to the ongoing COVID-19 pandemic; and the other factors described under «Risk Factors» in our Annual Information Form and described in our public filings, available in Canada at www.sedar.com and in the United States at www.sec.gov. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update any forward-looking statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

All figures are in Canadian dollars unless otherwise stated.

CONTACT

OBSIDIAN ENERGY
Suite 200, 207 – 9th Avenue SW, Calgary, Alberta T2P 1K3
Phone: 403-777-2500
Toll Free: 1-866-693-2707
Website: www.obsidianenergy.com;

Investor Relations:
Toll Free: 1-888-770-2633
E-mail: investor.relations@obsidianenergy.com

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SOURCE Obsidian Energy Ltd.

GUELPH, ON, Jan. 5, 2021 /PRNewswire/ — Canadian Solar Inc. («Canadian Solar») (NASDAQ: CSIQ) today announced it has sold an ownership interest in its Hays and Jenner solar projects to BluEarth Renewables («BluEarth»). BluEarth will also assume management responsibilities of the projects. Located in southeast Alberta, both projects are 31 MWp (23 MW_AC) in size. The projects are co-owned by Conklin Métis Local 193, an indigenous community based in the rural hamlet of Conklin and part of the Athabasca Oil Sands region in eastern Alberta. Both projects are expected to start commercial operation in 2021. 

«This is our third transaction with BluEarth and given their strong Alberta presence and deep experience in operating and maintaining large-scale clean energy projects, we believe they are the right owners for the Hays and Jenner solar projects. These projects together will generate clean electricity for tens of thousands of Alberta homes each year,» said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. «We thank BluEarth for their continued trust and for seeing the value that these best-in-class solar projects will provide to their customers and to the citizens of Alberta, furthering a leadership role in the clean energy transition.»

«Alberta is home to some of the best solar power resource in Canada and we look forward to bringing these projects to market with our partner, Conklin Métis Local 193,» commented Grant Arnold, President and CEO of BluEarth. «As we exit 2020, we’re pleased this transaction came together with Canadian Solar, expanding BluEarth’s solar portfolio in southern Alberta and bringing our combined solar capacity to 233 MW_AC (183 MW_AC net).»

«Conklin Métis Local 193 congratulates Canadian Solar on the sale of its interest. We look forward to working with BluEarth in moving ahead with the Hays and Jenner projects,» commented Shirley Tremblay, President of Conklin Métis Local 193.

The Hays and Jenner solar projects will use Canadian Solar’s bifacial modules and single-axis trackers, further commercializing this technology in Canada after being first deployed on Canadian Solar’s Suffield Solar Project, which is now owned by BluEarth.

For more information about the Hays and Jenner solar projects, please visit BluEarth’s website.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 49 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 5.6 GWp in over 20 countries across the world. Currently, the Company has over 500 MWp of projects in operation, over 5 GWp of projects under construction or in backlog (late-stage), and an additional 11 GWp of projects in pipeline (mid- to early- stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

About Recurrent Energy  

Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar’s U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.   

About BluEarth Renewables

BluEarth Renewables brings together extraordinary people with the power to change the future™ by delivering renewable energy to the power grid every day. We are a leading, independent, power producer that acquires, develops, builds, owns and operates wind, hydro and solar facilities across North America. Our portfolio includes 418 MW net (513 MW gross) of nameplate capacity in operation and under construction and over 2,000 MW under development. For more information, visit bluearthrenewables.com or follow us on Twitter, LinkedIn and Facebook.

Safe Harbor/Forward-Looking Statements  

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the «Safe Harbor» provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as «believes,» «expects,» «anticipates,» «intends,» «estimates,» the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; delays in the process of qualifying to list the MSS subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2020. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

View original content:http://www.prnewswire.com/news-releases/canadian-solar-sells-two-solar-projects-to-bluearth-renewables-supplying-low-cost-clean-energy-to-the-government-of-alberta-301200851.html

SOURCE Canadian Solar Inc.

ALEXANDRIA, Va., Jan. 5, 2021 /PRNewswire-PRWeb/ — «If 2020 teaches us anything, it’s that the next crisis is likely right around the corner, and could be prevented, or at least contained, if we act swiftly. A pandemic that scientists long warned was likely to occur, occurred, and has already killed well over 240,000 people in the U.S. Dozens of large wildfires – the latest evidence of the climate emergency – are torching the American West, their smoke more damaging to health than almost any fire season on record.» These words, written by Edwin S. Rubenstein, mark the start of his new work titled Will Affluence Ruin the Environment? Published by Negative Population Growth, Inc., the paper seeks to flush out the role of the globally affluent for their part in the degradation of the environment while paying close attention to the COVID-19 pandemic.

Rubenstein initiates his discourse by referencing a recent study in the academic journal Nature Communications, noting their warning that «despite all the buzz about green technology mitigating man-made environmental problems, the only way for human consumption to become sustainable is to rein in wealthy consumers.» In other words, those affluent enough to regularly consume resources will need to disengage their dependencies to counteract the detrimental effects of consumerism on the environment. Rubenstein comments further on affluence, explaining: «Most people living in developed countries fit into this category, meaning you don’t have to consider yourself rich in order to be globally affluent. Even poor people in the U.S. and other wealthy countries have a disproportionately large and unsustainable resource footprint compared to the global average.» Add to the mix the unavoidable reality that «super affluent powerful business owners have a vested interest in promoting a high consumption, high population growth, economy…» and what’s left is a system focused on consumerism without regard to long-term sustainability.

After establishing who is considered affluent and the harm caused by consumerism, Rubenstein relates how policies enacted in direct response to the COVID-19 crisis have affected the environment, saying: «Government policies during the COVID pandemic drastically altered patterns of energy demand around the world. International borders were closed and populations were confined to their homes, which reduced transport and changed energy consumption patterns…researchers estimate that global fossil fuel emissions for all of 2020 will be 4% to 7% lower than 2019. If this holds, it will be several times larger than the decline seen in 2009 after the global finance crisis.» While some social scientists have expressed the long-term benefits of the pandemic, Rubenstein cautions: «In a perfect world, mainstream economists would join…in warning policymakers of the dangers of over-stimulating the economy. Unfortunately, conventional economists measure economic progress with data biased toward growth…Mainstream economists reject the very notion of limits to growth. In their view, all shortages are temporary, and can be eliminated by allowing prices to rise. Technological progress, according to the mainstreamers, is capable of overcoming any scarcity faced on earth.»

Rubenstein concludes his work, reviewing the effects of affluence on the environment and what needs to happen to move forward sustainably into the future, stating: «For more than a century growth in affluence, and in the number of people living in affluent circumstances, increased resource use and greenhouse gas emissions faster than technological progress reduced them. A meaningful transition to sustainability will require far-reaching lifestyle changes as well as continued technological progress…A few months of world-wide economic lockdown did more for the environment than decades of technological progress. But this is a Band-Aid. The global economy must re-open soon. A balanced strategy of economic moderation plus global population reduction is needed for long term stability.»

Founded in 1972, NPG is a national nonprofit membership organization dedicated to educating the American public and political leaders regarding the damaging effects of population growth. We believe that our nation is already vastly overpopulated in terms of the long-range carrying capacity of its resources and environment. NPG advocates the adoption of its Proposed National Population Policy, with the goal of eventually stabilizing U.S. population at a sustainable level – far lower than today’s. We do not simply identify the problems – we propose solutions. For more information, visit our website at NPG.org, follow us on Facebook @NegativePopulationGrowth or follow us on Twitter @npg_org.

Media Contact

Craig Lewis, Negative Population Growth, 703-370-9510, media@npg.org

Twitter, Facebook

 

SOURCE Negative Population Growth

ALEXANDRIA, Va., Jan. 5, 2021 /PRNewswire-PRWeb/ — «If 2020 teaches us anything, it’s that the next crisis is likely right around the corner, and could be prevented, or at least contained, if we act swiftly. A pandemic that scientists long warned was likely to occur, occurred, and has already killed well over 240,000 people in the U.S. Dozens of large wildfires – the latest evidence of the climate emergency – are torching the American West, their smoke more damaging to health than almost any fire season on record.» These words, written by Edwin S. Rubenstein, mark the start of his new work titled Will Affluence Ruin the Environment? Published by Negative Population Growth, Inc., the paper seeks to flush out the role of the globally affluent for their part in the degradation of the environment while paying close attention to the COVID-19 pandemic.

Rubenstein initiates his discourse by referencing a recent study in the academic journal Nature Communications, noting their warning that «despite all the buzz about green technology mitigating man-made environmental problems, the only way for human consumption to become sustainable is to rein in wealthy consumers.» In other words, those affluent enough to regularly consume resources will need to disengage their dependencies to counteract the detrimental effects of consumerism on the environment. Rubenstein comments further on affluence, explaining: «Most people living in developed countries fit into this category, meaning you don’t have to consider yourself rich in order to be globally affluent. Even poor people in the U.S. and other wealthy countries have a disproportionately large and unsustainable resource footprint compared to the global average.» Add to the mix the unavoidable reality that «super affluent powerful business owners have a vested interest in promoting a high consumption, high population growth, economy…» and what’s left is a system focused on consumerism without regard to long-term sustainability.

After establishing who is considered affluent and the harm caused by consumerism, Rubenstein relates how policies enacted in direct response to the COVID-19 crisis have affected the environment, saying: «Government policies during the COVID pandemic drastically altered patterns of energy demand around the world. International borders were closed and populations were confined to their homes, which reduced transport and changed energy consumption patterns…researchers estimate that global fossil fuel emissions for all of 2020 will be 4% to 7% lower than 2019. If this holds, it will be several times larger than the decline seen in 2009 after the global finance crisis.» While some social scientists have expressed the long-term benefits of the pandemic, Rubenstein cautions: «In a perfect world, mainstream economists would join…in warning policymakers of the dangers of over-stimulating the economy. Unfortunately, conventional economists measure economic progress with data biased toward growth…Mainstream economists reject the very notion of limits to growth. In their view, all shortages are temporary, and can be eliminated by allowing prices to rise. Technological progress, according to the mainstreamers, is capable of overcoming any scarcity faced on earth.»

Rubenstein concludes his work, reviewing the effects of affluence on the environment and what needs to happen to move forward sustainably into the future, stating: «For more than a century growth in affluence, and in the number of people living in affluent circumstances, increased resource use and greenhouse gas emissions faster than technological progress reduced them. A meaningful transition to sustainability will require far-reaching lifestyle changes as well as continued technological progress…A few months of world-wide economic lockdown did more for the environment than decades of technological progress. But this is a Band-Aid. The global economy must re-open soon. A balanced strategy of economic moderation plus global population reduction is needed for long term stability.»

Founded in 1972, NPG is a national nonprofit membership organization dedicated to educating the American public and political leaders regarding the damaging effects of population growth. We believe that our nation is already vastly overpopulated in terms of the long-range carrying capacity of its resources and environment. NPG advocates the adoption of its Proposed National Population Policy, with the goal of eventually stabilizing U.S. population at a sustainable level – far lower than today’s. We do not simply identify the problems – we propose solutions. For more information, visit our website at NPG.org, follow us on Facebook @NegativePopulationGrowth or follow us on Twitter @npg_org.

Media Contact

Craig Lewis, Negative Population Growth, 703-370-9510, media@npg.org

Twitter, Facebook

 

SOURCE Negative Population Growth