We are depleting natural capital (eg oil in the ground), but we are
also accumulating capital (infrastructure, machines, an educated work
force).
How significant is the latter compared to the former and how do you
judge that?
Hydropower dams seem to me a good example. Once built operating and
maintenance costs are below 1 cent per kWh (average in the US). But
build a new dam and include the capital cost and it's between 5 and 10
cents per kWh (average new project in Africa/Asia/Latin America, where
there is still plenty of potential).
I think for solar power and wind a similar logic applies. They are
really expensive to build, but once built operating and replacement
costs are low (foundations might last for thousands of years, silicon
can be recycled, long distance electricity transmission cables
underground might also last thousands of years).
Put differently, while we might have to devote 10% of world labour
forces to build out an infrastructure over a 100 years, and have 2000
kWh of electricity available per person during the build out; once at
equilibrium, the same 10% of world labour might be good for 20000 kWh
per person perpetually; without any technological improvements.
While I think the basic idea of capital accumulation (partially? /
entirely?) offsetting natural capital depletion is very important, how
can this sensibly be quantified and illustrated? Should it be?
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