BSR Policy Briefing 2/2023

The Resource Balanced Economy to meet the twin challenges of phasing out fossil fuel energy and self-sufficient supply of raw materials
By Simon P. Michaux

The task to phase out fossil fuels is at hand.  The current society and its industrial systems are heavily dependent on fossil fuels, oil in particular.   Yet the oil and petroleum supply may soon become unreliable. It is possible peak oil is in our past in November 2018, and costs of production of petroleum products are rising.  The proposed Green Transition has a series of logistical challenges which make it impractical. One of those challenges is a shortfall in mineral supply.  Natural resources of all kinds will soon become much more valuable.

Society is now required to develop a plan to transition away from fossil fuels and become more self-reliant for the supply of raw materials.  We are required to develop a new relationship with energy, minerals, economics, technology, the environment, and each other. The conventional Circular Economy won’t work as hoped because it is thermodynamically out of balance. 

This paper proposes an evolution of the Circular Economy, the Resource Balanced Economy.

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