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49-576: Big business involves large-scale corporate-controlled financial or business activities. As a term, it describes activities that run from "huge transactions" to the more general "doing big things". In corporate jargon , the concept is commonly known as enterprise , or activities involving enterprise customers . The concept first rose in a symbolic sense after 1880 in connection with the combination movement that began in American business at that time. Some examples of American corporations that fall into

98-522: A fuel for human consumption to provide energy for direct use (such as for cooking , heating or lighting ), to power heat engines (such as steam or internal combustion engines ) that can propel vehicles , or to generate electricity via steam turbine generators. Some fossil fuels are further refined into derivatives such as kerosene , gasoline and diesel , or converted into petrochemicals such as polyolefins ( plastics ), aromatics and synthetic resins . The origin of fossil fuels

147-655: A just transition and create policy that addresses the societal burdens created by the stranded assets of the fossil fuel industry. International policy, in the form of United Nations ' sustainable development goals for affordable and clean energy and climate action , as well as the Paris Climate Agreement , is designed to facilitate this transition at a global level. In 2021, the International Energy Agency concluded that no new fossil fuel extraction projects could be opened if

196-401: A "state-owned enterprise sector". The Oxford English Dictionary records the phrase "business sector" in the general sense from 1934. Word usage suggests that the concept of a "business sector" came into wider use after 1940. Related terms in previous times included " merchant class " and " merchant caste ". Comprehensive Employment and Training Act This business-related article

245-410: A complex mixture of high-molecular weight organic compounds, which yield synthetic crude oil when heated ( pyrolyzed ). With additional processing, they can be employed instead of other established fossil fuels. During the 2010s and 2020s there was disinvestment from exploitation of such resources due to their high carbon cost relative to more easily-processed reserves. Prior to the latter half of

294-525: A generation later. Corporate concentration can lead to influence over government in areas such as tax policy, trade policy, environmental policy, foreign policy, and labor policy through lobbying . In 2005, the majority of Americans believed that big business has "too much power in Washington." Business sector In the United States the business sector accounted for about 78 percent of

343-425: A lesser extent oil and its derivatives, contributes to atmospheric particulate matter , smog and acid rain . Air pollution from fossil fuels in 2018 has been estimated to cost US$ 2.9 trillion, or 3.3% of the global gross domestic product (GDP). Climate change is largely driven by the release of greenhouse gases like CO 2 , and the burning of fossil fuels is the main source of these emissions. In most parts of

392-761: A process known as catagenesis . Despite these heat-driven transformations, the energy released in combustion is still photosynthetic in origin. Terrestrial plants tended to form coal and methane. Many of the coal fields date to the Carboniferous period of Earth's history . Terrestrial plants also form type III kerogen , a source of natural gas. Although fossil fuels are continually formed by natural processes, they are classified as non-renewable resources because they take millions of years to form and known viable reserves are being depleted much faster than new ones are generated. Fossil fuels have been important to human development because they can be readily burned in

441-406: A result of anaerobic decomposition . Over geological time this organic matter , mixed with mud , became buried under further heavy layers of inorganic sediment. The resulting high temperature and pressure caused the organic matter to chemically alter , first into a waxy material known as kerogen , which is found in oil shales , and then with more heat into liquid and gaseous hydrocarbons in

490-483: A result of synthetic nitrogen fertilizer use. According to head of a fertilizers commodity price agency, "50% of the world's food relies on fertilisers." The burning of fossil fuels has a number of negative externalities  – harmful environmental impacts where the effects extend beyond the people using the fuel. These effects vary between different fuels. All fossil fuels release CO 2 when they burn, thus accelerating climate change . Burning coal, and to

539-481: Is Germany's largest software company. Among the largest companies in the United Kingdom as of 2012 are HSBC , Barclays , WPP plc , and BP . The latter half of the 19th century saw more technological advances and corporate growth in additional sectors, such as petroleum , machinery , chemicals , and electrical equipment (see Second Industrial Revolution ). In the sphere of enterprise software , beyond

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588-513: Is a stub . You can help Misplaced Pages by expanding it . Fossil fuel A fossil fuel is a carbon compound - or hydrocarbon -containing material formed naturally in the Earth's crust from the buried remains of prehistoric organisms ( animals , plants or planktons ), a process that occurs within geological formations . Reservoirs of such compound mixtures , such as coal , petroleum and natural gas , can be extracted and burnt as

637-521: Is a net increase of many billion tonnes of atmospheric CO 2 per year. Although methane leaks are significant, the burning of fossil fuels is the main source of greenhouse gas emissions causing global warming and ocean acidification . Additionally, most air pollution deaths are due to fossil fuel particulates and noxious gases, and it is estimated that this costs over 3% of the global gross domestic product and that fossil fuel phase-out will save millions of lives each year. Recognition of

686-445: Is an attempt to reduce climate change by exerting social, political, and economic pressure for the institutional divestment of assets including stocks, bonds, and other financial instruments connected to companies involved in extracting fossil fuels . Fossil fuel divestment campaigns emerged on college and university campuses in the United States in 2011 with students urging their administrations to turn endowment investments in

735-404: Is now considered a very valuable resource. Natural gas deposits are also the main source of helium . Heavy crude oil , which is much more viscous than conventional crude oil, and oil sands , where bitumen is found mixed with sand and clay, began to become more important as sources of fossil fuel in the early 2000s. Oil shale and similar materials are sedimentary rocks containing kerogen ,

784-501: Is sometimes transported by diesel-powered locomotives, while crude oil is typically transported by tanker ships, requiring the combustion of additional fossil fuels. A variety of mitigating efforts have arisen to counter the negative effects of fossil fuels. This includes a movement to use alternative energy sources, such as renewable energy . Environmental regulation uses a variety of approaches to limit these emissions; for example, rules against releasing waste products like fly ash into

833-528: Is the anaerobic decomposition of buried dead organisms, whose organic molecules were produced by photosynthetic carbon fixation and sequestered / biomagnified by the food web , creating an underground carbon sink . The conversion from these organic materials to high-carbon fossil fuels typically requires a geological process of millions of years. Due to the length of time it takes nature to form them, fossil fuels are considered non-renewable resources . In 2022, over 80% of primary energy consumption in

882-472: Is used in the construction of roads . The energy for the Green Revolution was provided by fossil fuels in the form of fertilizers (natural gas), pesticides (oil), and hydrocarbon -fueled irrigation . The development of synthetic nitrogen fertilizer has significantly supported global population growth ; it has been estimated that almost half of the Earth's population are currently fed as

931-651: Is waging war on nature. This is suicidal. Nature always strikes back – and it is already doing so with growing force and fury." He also claimed there is still cause for hope, anticipating the US plan to join other large emitters like China and the EU in adopting targets to reach net zero emissions by 2050. Fossilflation is a term that describes the impact of fossil fuels on inflation . According to Vox in August 2022 , "Economists have pointed to energy prices as

980-459: The climate crisis , pollution and other negative impacts caused by fossil fuels has led to a widespread policy transition and activist movement focused on ending their use in favor of renewable and sustainable energy . Because the fossil-fuel industry is so heavily integrated in the global economy and heavily subsidized , this transition is expected to have significant economic impacts. Many stakeholders argue that this change needs to be

1029-603: The fossil fuel industry into investments in clean energy and communities most impacted by climate change . In 2012, Unity College in Maine became the first institution of higher learning to divest its endowment from fossil fuels. By 2015, fossil fuel divestment was reportedly the fastest growing divestment movement in history. As of July 2023, more than 1593 institutions with assets totalling more than $ 40.5  trillion in assets worldwide had begun or committed some form of divestment of fossil fuels. In 2019, Saudi Aramco

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1078-407: The health risks of air pollution , and would greatly reduce global carbon emissions thus helping to limit climate change . As of 2021 , policy researchers estimate that substantially more money is spent on fossil fuel subsidies than on environmentally harmful agricultural subsidies or environmentally harmful water subsidies . The International Energy Agency says: "High fossil fuel prices hit

1127-406: The internal combustion engine and its use in automobiles and trucks greatly increased the demand for gasoline and diesel oil , both made from fossil fuels. Other forms of transportation, railways and aircraft, also require fossil fuels. The other major use for fossil fuels is in generating electricity and as feedstock for the petrochemical industry . Tar , a leftover of petroleum extraction,

1176-496: The 18th century, windmills and watermills provided the energy needed for work such as milling flour, sawing wood or pumping water, while burning wood or peat provided domestic heat. The wide-scale use of fossil fuels, coal at first and petroleum later, in steam engines enabled the Industrial Revolution . At the same time, gas lights using natural gas or coal gas were coming into wide use. The invention of

1225-418: The 21st century. Combustion of fossil fuels generates sulfuric and nitric acids , which fall to Earth as acid rain, impacting both natural areas and the built environment. Monuments and sculptures made from marble and limestone are particularly vulnerable, as the acids dissolve calcium carbonate . Fossil fuels also contain radioactive materials, mainly uranium and thorium , which are released into

1274-627: The COVID-19 pandemic, some argued for the possibility of a base effect phenomenon due to cheaper than normal prices, such as for oil, at the onset of the pandemic, followed by above-average prices which exacerbated the perceived inflation. While not expected to provide much short-term relief, the Inflation Reduction Act seeks to make the United States less dependent on fossil fuels and their ability to cause inflation in

1323-538: The United States production. In addition to the effects that result from burning, the harvesting, processing, and distribution of fossil fuels also have environmental effects. Coal mining methods, particularly mountaintop removal and strip mining , have negative environmental impacts, and offshore oil drilling poses a hazard to aquatic organisms. Fossil fuel wells can contribute to methane release via fugitive gas emissions . Oil refineries also have negative environmental impacts, including air and water pollution. Coal

1372-465: The atmosphere. In December 2020, the United Nations released a report saying that despite the need to reduce greenhouse emissions, various governments are " doubling down " on fossil fuels, in some cases diverting over 50% of their COVID-19 recovery stimulus funding to fossil fuel production rather than to alternative energy. The UN secretary general António Guterres declared that "Humanity

1421-540: The atmosphere. In 2000, about 12,000 tonnes of thorium and 5,000 tonnes of uranium were released worldwide from burning coal. It is estimated that during 1982, US coal burning released 155 times as much radioactivity into the atmosphere as the Three Mile Island accident . Burning coal also generates large amounts of bottom ash and fly ash . These materials are used in a wide variety of applications (see Fly ash reuse ), utilizing, for example, about 40% of

1470-465: The category of "big business" as of 2015 are ExxonMobil , Walmart , Google , Microsoft , Apple , General Electric , General Motors , JPMorgan Chase , Bank of America , Wells Fargo , Citigroup , and Goldman Sachs ; in the United States, big businesses in general are sometimes collectively pejoratively called "corporate America". The largest German corporations as of 2012 included Daimler AG , Deutsche Telekom , Siemens , and Deutsche Bank . SAP

1519-421: The companies in the computer-section above can be considered electronics. Nuclear power was added to fossil fuel as the main sources of energy. The social consequences of the concentration of economic power in the hands of those persons controlling "big business" has been a constant concern both of economists and of politicians since the end of the 19th century. Various attempts have been made to investigate

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1568-711: The data show that fossil fuels cause the highest levels of greenhouse gas emissions and are the most dangerous for human health. In contrast, modern renewable energy sources appear to be safer for human health and cleaner. The death rates from accidents and air pollution in the EU are as follows per terawatt-hour (TWh): As the data shows, coal, oil, natural gas, and biomass cause higher death rates and higher levels of greenhouse gas emissions than hydropower, nuclear energy, wind, and solar power. Scientists propose that 1.8 million lives have been saved by replacing fossil fuel sources with nuclear power. Fossil fuel divestment or fossil fuel divestment and investment in climate solutions

1617-931: The economy. Moody's estimates that by 2030, the bill could reduce the typical American household's spending on energy by more than $ 300 each year, in 2022 dollars. Environmental pollution from fossil fuels impacts humans because particulates and other air pollution from fossil fuel combustion may cause illness and death when inhaled. These health effects include premature death, acute respiratory illness, aggravated asthma, chronic bronchitis and decreased lung function. The poor, undernourished, very young and very old, and people with preexisting respiratory disease and other ill health are more at risk. Global air pollution deaths due to fossil fuels have been estimated at over 8 million people (2018, nearly 1 in 5 deaths worldwide) at 10.2 million (2019), and 5.13 million excess deaths from ambient air pollution from fossil fuel use (2023). While all energy sources inherently have adverse effects,

1666-431: The effects of "bigness" upon labor, consumers, and investors, as well as upon prices and competition. "Big business" has been accused of a wide variety of misdeeds that range from the exploitation of the working class to the corruption of politicians and the fomenting of war. Attitudes toward big business have fluctuated; Americans generally had a favorable view of big business in the 1950s, which would worsen drastically in

1715-508: The enterprise scale often involves a multi-year planning cycle . The Oxford English Dictionary identifies the first use of the term, in 1905, to be in "The City: The Hope of Democracy", Frederic C. Howe . The automotive industry began modestly in the late-19th century, but grew rapidly following the development of large-scale gasoline production in the early 20th century. The relatively stable period of rebuilding after World War II led to new technologies (some of which were spin-offs from

1764-444: The functional level, an enterprise edition would emphasize institutional concerns around software security , fault tolerance , geographic redundancy , disaster recovery , dispersed operational collaboration with administrative teams large enough to have internal sub-departments, and multilingual and localized functionality that spans the global marketplace. Procurement , validation and regulatory compliance of large systems at

1813-474: The global economy and society wants to avoid the worst impacts of climate change and meet international goals for climate change mitigation . The theory that fossil fuels formed from the fossilized remains of dead plants by exposure to heat and pressure in Earth's crust over millions of years was first introduced by Andreas Libavius "in his 1597 Alchemia [Alchymia]" and later by Mikhail Lomonosov "as early as 1757 and certainly by 1763". The first use of

1862-465: The importance of energy, transport and chemical industries to local, national and international economies, these lobbies have the capacity and money to attempt to have outsized influence on governmental policy. In particular, the lobbies have been known to obstruct policy related to environmental protection , environmental health and climate action . Lobbies are active in most fossil-fuel intensive economies with democratic governance, with reporting on

1911-641: The lobbies most prominent in Canada, Australia, the United States and Europe, however the lobbies are present in many parts of the world. Big Oil companies such as ExxonMobil , Shell , BP , TotalEnergies , Chevron Corporation , and ConocoPhillips are among the largest corporations associated with the fossil fuels lobby. The American Petroleum Institute is a powerful industry lobbyist for Big Oil with significant influence in Washington, D.C. In Australia, Australian Energy Producers , formerly known as

1960-493: The main reason for high inflation," noting that "energy prices indirectly affect virtually every part of the economy". Sectors that raise prices significantly as a result of higher fossil fuel prices include transportation, food, and shipping. Mark Zandi of Moody's says that fossil fuel prices have driven every big episode of inflation since WWII. The economic impact of the Russian Invasion of Ukraine in 2022

2009-463: The open atmosphere to produce heat. The use of peat as a domestic fuel predates recorded history. Coal was burned in some early furnaces for the smelting of metal ore , while semi-solid hydrocarbons from oil seeps were also burned in ancient times, they were mostly used for waterproofing and embalming . Commercial exploitation of petroleum began in the 19th century. Natural gas, once flared-off as an unneeded byproduct of petroleum production,

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2058-408: The poor hardest, but subsidies are rarely well-targeted to protect vulnerable groups and tend to benefit better-off segments of the population." The fossil fuels lobby includes paid representatives of corporations involved in the fossil fuel industry ( oil , gas , coal ), as well as related industries like chemicals , plastics , aviation and other transportation. Because of their wealth and

2107-695: The term "fossil fuel" occurs in the work of the German chemist Caspar Neumann , in English translation in 1759. The Oxford English Dictionary notes that in the phrase "fossil fuel" the adjective "fossil" means "[o]btained by digging; found buried in the earth", which dates to at least 1652, before the English noun "fossil" came to refer primarily to long-dead organisms in the early 18th century. Aquatic phytoplankton and zooplankton that died and sedimented in large quantities under anoxic conditions millions of years ago began forming petroleum and natural gas as

2156-404: The value of gross domestic product (GDP) as of 2000 . Kuwait and Tuvalu each had business sectors accounting for less than 40% of GDP as of 2015 . In systems of state capitalism , much of the business sector forms part of the public sector . In mixed economies , state-owned enterprises may straddle any divide between public and business sectors, allowing analysts to use the concept of

2205-578: The war years) and new businesses. The new technology of computers spread worldwide in the post war years. Businesses built around computer technology include: IBM , Microsoft , Apple Inc. , Samsung , and Intel . Miniaturization and integrated circuits , together with an expansion of radio and television technologies, provided fertile ground for business development. Electronics businesses include JVC , Sony ( Masaru Ibuka and Akio Morita ), and Texas Instruments ( Cecil H. Green , J. Erik Jonsson , Eugene McDermott , and Patrick E. Chodery), while also

2254-560: The world and over 60% of its electricity supply were from fossil fuels. The large-scale burning of fossil fuels causes serious environmental damage . Over 70% of the greenhouse gas emissions due to human activity in 2022 was carbon dioxide (CO 2 ) released from burning fossil fuels. Natural carbon cycle processes on Earth, mostly absorption by the ocean , can remove only a small part of this, and terrestrial vegetation loss due to deforestation , land degradation and desertification further compounds this deficiency. Therefore, there

2303-502: The world climate change is negatively impacting ecosystems . This includes contributing to the extinction of species and reducing people's ability to produce food, thus adding to the problem of world hunger . Continued rises in global temperatures will lead to further adverse effects on both ecosystems and people; the World Health Organization has said that climate change is the greatest threat to human health in

2352-480: Was a major recent example of fossil fuels causing inflation. Some economists, including Isabel Schnabel , believe that dependence on fossil fuels is the main driver of the 2021-2022 inflation spike . Gernot Wagner argues that commodities are undesirable energy sources because they are susceptible to volatile price swings that technologies like renewable energy are not. He also argues that technologies improve and get relatively cheaper over time. Coming out of

2401-753: Was listed and it reached a US$ 2 trillion valuation on its second day of trading, after the world's largest initial public offering. Fossil fuel subsidies are energy subsidies on fossil fuels, and in 2023 totalled over 1 trillion dollars. They may be tax breaks on consumption , such as a lower sales tax on natural gas for residential heating ; or subsidies on production , such as tax breaks on exploration for oil . Or they may be free or cheap negative externalities ; such as air pollution or climate change due to burning gasoline , diesel and jet fuel . Some fossil fuel subsidies are via electricity generation , such as subsidies for coal-fired power stations . Eliminating fossil fuel subsidies would reduce

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