THE ECONOMICS OF IMMENSE RISK, URGENT ACTION AND RADICAL CHANGE:TOWARDS NEW APPROACHES TO THE ECONOMICS OF CLIMATE CHANGE

Markets are politically regulated institutional processes far removed from idealized, perfect competition, and prices are negotiated between small numbers of powerful brokers (84) involving hidden subsidies, e.g., for infrastructure

Right now, most of the blockchain mining in the world happens in China, where provinces with the cheapest energy set up mining operations to do the ‘proof of work’ calculations that the dominant paradigm of blockchain requires. Factories that ostensibly make other things now acquire significant computing hardware and dedicate energy in order to, essentially, print money that’s then stored offshore. A recent study shows that 40% of China’s mostly bitcoin mining is powered by coal-burning. We also already know that non-blockchain server farms in cheap energy countries consume so much energy they distort national grids, and throw off huge amounts of heat that then need cooling for the servers to operate, creating a vicious cycle of energy consumption

Miya Yoshitani, executive director of the Asian Pacific Environmental Network, which focuses on environmental justice issues affecting working-class Asian and Pacific Islander immigrant and refugee communities.

Consumer demand is one of four important variables that, when combined, can influence and shape farming practices, according to Festa. The other three are the culture of farming communities, governmental policies, and the economic system that drives farming.