• Jeffrey Goldfarb

Energy Transition

Fossil Fuels | Renewable Energy | Buffalo, NY | New Orleans, LA | Certified B Corp 

As long as technology continues to advance, humans will always find a way to survive. The issue with fossil fuels are it inhibits our ability to innovate by lulling us into a false sense of energy security. Look at countries like those in OPEC. Ones that have garnered substantial wealth by exporting fossil fuels. Their innovations have almost exclusively been extraction related and one cannot blame them. Why would smaller countries invest in other sectors when they maintain a significant advantage in energy?

However, advancements in fossil fuels like shale fracking and opening the arctic to drilling does not advance our chances of survival, but instead reduce the window of opportunity to create appropriate alternatives. Climate Change aside, fossil fuels are still a finite resource, and the technology used to extract fossil fuels does what all inventions are supposed to do (limit the cost of inputs and increase the quantity of output). In other words, it’s accelerating us towards a finish line we aren’t prepared to face. We are not at a point where we could globally shut off the use of all fossil fuels, and if we do not begin a transition into renewable energy we will eventually face a global energy crisis.

While this crisis will not be in our lifetime, it is not an exaggeration to fear for the next generation, or the following generation, to deal with the consequences. While sources vary over the exact amount, the global consumption of fossil fuels is in the billions of tons annually, and growing.[1] In 2015, even with the decline of coal at the time, the global consumption of petroleum had a net rise of 0.6%, which is about 127 metric tons of fossil fuels.[2] That number will rise now that coal jobs are a primary goal of the current White House.

As stated above, the arguments in this article are not about the need to protect the planet from man-made climate change. It is an economic discussion on our need to preserve a finite resource our planet heavily relies on, and use the fossil fuels we currently have to appropriately transition to renewable energy. As it stands, with a global consumption of around 11 billion tons of fossil annually, the world will deplete its supply of fossil fuels by the end of the century.[3] While exact dates vary, reports have our primary fuels depleting in the next four or five decades, and coal depleting in the next six.[4]

These estimates are only if we continue extracting as aggressively as we currently are. Most likely, full depletion will come much later, and reservoirs and wells become more protected with higher costs.

This is why there needs to be a global effort to begin a transition to renewable energy. While renewables have become more affordable through technological innovations, they still maintain a higher initial cost than most fossil fuels. If we wait for the energy crisis before pursuing alternatives, we ruin any hope of a seamless transition and heighten the conflict. Investments in renewables today do not mean total replacement today. It’s more preventative care, attempting to heal a problem before the flare up to reduce the cost of treatment when the time comes.

Views expressed are the opinions of Jeffrey Goldfarb and the Financial Advisors at Goldfarb Financial and not necessarily those of Raymond James.





1 view0 comments

Recent Posts

See All

Subscribe Form

(716) 842-0145

4549 Main St Suite 200 Buffalo, NY 14226

900 Camp St Suite 4C5 New Orleans, LA 70130

  • Facebook
  • YouTube
  • LinkedIn
  • Twitter

Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James Financial Services is not affiliated with New Orleans Chamber of Commerce.

Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC Privacy Policy</a/<a

Goldfarb Financial is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.

Certification awarded by an independent nonprofit organization B Lab. This certification recognizes businesses that meet rigorous standards of social performance, accountability and transparency. The 2019 Best for the World lists are determined based on the verified B impact Assessments of Certified B Corporations. The B Impact Assessment (BIA) is a free Online tool designed to comprehensively measure the positive impact that businesses generate for their communities, customers, workers, and environment; administered by the independent nonprofit B Lab. Criteria can be found at The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of the firms’ or the advisor’s future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. B Impact and Best for the World is not affiliated with Raymond James.

We receive, collect and store any information you enter on our website or provide us in any other way. In addition, we collect the Internet protocol (IP) address used to connect your computer to the Internet; login; e-mail address; password; computer and connection information and purchase history. We may use software tools to measure and collect session information, including page response times, length of visits to certain pages, page interaction information, and methods used to browse away from the page. We also collect personally identifiable information (including name, email, password, communications); payment details (including credit card information), comments, feedback, reviews, recommendations, and personal profile. When you conduct a transaction on our website, as part of the process, we collect personal information you give us such as your name, address and email address. Your personal information will be used for the specific reasons stated above only. We collect such Non-personal and Personal Information for the following purposes: To provide and operate the Services; To provide our Users with ongoing customer assistance and technical support; To be able to contact our Visitors and Users with general or personalized service-related notices and promotional messages; To create aggregated statistical data and other aggregated and/or inferred Non-personal Information, which we or our business partners may use to provide and improve our respective services; To comply with any applicable laws and regulations. All direct payment gateways offered by and used by our company adhere to the standards set by PCI-DSS as managed by the PCI Security Standards Council, which is a joint effort of brands like Visa, MasterCard, American Express and Discover. PCI-DSS requirements help ensure the secure handling of credit card information by our store and its service providers. If you don’t want us to process your data anymore, please contact us at or send us mail to: 295 Main St Ste 914 Buffalo, NY 14203. We reserve the right to modify this privacy policy at any time, so please review it frequently. Changes and clarifications will take effect immediately upon their posting on the website. If we make material changes to this policy, we will notify you here that it has been updated, so that you are aware of what information we collect, how we use it, and under what circumstances, if any, we use and/or disclose it. If you would like to: access, correct, amend or delete any personal information we have about you, you are invited to contact us at or send us mail to: 295 Main St Ste 914 Buffalo, NY 14203.