Former hedge fund manager, host of CNBC’s

Fossil fuels are definitively the new tobacco

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2021-06-08 13:30:07

Former hedge fund manager, host of CNBC’s "Mad Money" and investment guru Jim Cramer declared in January of last year he was “done with fossil fuels… we’re in the death knell phase. They’re tobacco.”

Not everyone was so sure about this at that time — but now there’s no disputing it. Fossil fuels are definitively the new tobacco, and we are witnessing a historic moment in real-time: The end of the fossil fuel age. Here are the latest markers of the fossil fuel industry’s accelerating implosion.

As I’ve highlighted previously, but is worth repeating, the International Energy Agency, an international body of energy experts and economists, put out a landmark report three weeks ago laying out a roadmap to get to Net Zero by 2050, in hopes of limiting warming to 1.5 degrees Celsius, which is the goal set forth in the Paris Agreement. To do so, the report spells out that there must be no new investments in fossil fuel development. “If governments are serious about the climate crisis, there can be no new investments in oil, gas and coal, from now — from this year,” said Fatih Birol, the IEA’s executive director.

Not a good look for the fossil fuel industry, but a report is a report. What’s actually happening in the industry though? A lot, it turns out.