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Found 3 results

  1. New research shows that our existing economic models “grossly underestimate” the costs of climate change. As a result, current carbon prices are 10 to 20 times lower than they need to be to stop catastrophic climate change. The shocking (but somewhat not surprising) findings are presented in a new study by leading climate economist Nicholas Stern and co-author Simon Dietz, from the UK’s Grantham Research Institute. According to their research we need a globally coordinated carbon price of $32 to $103 per tonne of emissions, as early as next year. And within two decades the price need to almost triple and rise to $82-260 per tonne of carbon emissions. Current carbon prices are much, much lower than this. In the European Union, a tonne of carbon emissions costs €5.7 or about $7.7. In California a tonne of carbon emissions - despite having one of the world’s highest carbon price - only costs around $12. The report, which will be published in the Economic Journal, came to this conclusion after reviewing the DICE-model, a widely-used economic model developed by Yale Professor Bill Nordhaus in 1991. This model by Nordhaus has served as a basis for other major climate studies – such as the recent IPCC report. The problem though is that the DICE-model is based on data of the climate impacts we had knowledge about in the 90s. But nowadays, that data is old as we now know that the climate impacts are much worse than we previously expected. Unfortunately, the usage of this old model has led to a severe underestimation of the taxes and fees required. “It is extremely important to understand the severe limitations of standard economic models, such as those cited in the IPCC report, which have made assumptions that simply do not reflect current knowledge about climate change and its [...] impacts on the economy,” Stern said. The revised economic model by Stern and Dietz takes into account new and updated climate data. It also calculates that the ability to generate new wealth would be affected by climate change – due to climate impacts such as extreme weather, destruction of coastal and water infrastructure, and so on. “The new version of this standard economic model, for instance, suggests that the risks from climate change are bigger than portrayed by previous economic models and therefore strengthens the case for strong cuts in emissions of greenhouse gases,” Dietz said.
  2. In what could become a defining moment in environmental history, President Obama unveiled a plan on June 2 to cut carbon emissions by nearly a third within 15 years. It is the centerpiece of a larger climate action plan, and could prove to be one of the most important initiatives ever to fight climate change. "Right now," said Obama, "there are no national limits to the amount of carbon pollution that existing plants can pump into the air we breathe - none. We limit the amount of toxic chemicals like mercury, sulfur, and arsenic that power plants put in our air and water. But they can dump unlimited amounts of carbon pollution into the air. It's not smart, it's not safe, and it doesn't make sense." The plan is already facing a wave of hostility from Republicans, who believe it will kill jobs. Obama dismissed this criticism, noting, "Special interests and their allies in Congress will claim that these guidelines will kill jobs and crush the economy. But let's face it, that's what they always say. They warned that doing something about the smog choking our cities, and acid rain poisoning our lakes, would kill business. It didn't. Our air got cleaner, acid rain was cut dramatically, and our economy kept growing." In fact, if this carbon reduction goal is met, it could produce "net climate and health benefits totaling $48-82 billion," according to the EPA. EPA administrator Gina McCarthy said the new rules would be critical in moving the rest of Obama's climate action plan forward. "The EPA is delivering on a vital piece of the plan by proposing a clean power plan that will cut harmful carbon pollution from plants. This is not just about disappearing polar bears and melting ice caps. This is about protecting our health, our homes, our local economies, and our jobs." Pollution reduction targets will vary based on what is best for each state; for example, the Rust Belt relies heavily on coal-fired plants, but some states, like Iowa, now generate over 20 percent of their energy from renewable sources. Plans will thus be adjusted accordingly. Some activists believe the state-by-state setup could be problematic, particularly in those that heavily lean on coal. Indiana, for instance, gets 80 percent of its electricity from coal. Republican Gov. Mike Pence vowed to fight the plan, remarking, "Indiana will oppose these regulations using every means available." Obama's counselor John Podesta addressed the concerns, stating, "While I am sure there will be holdouts amongst the states, most utilities will also want to work with their regulators to ensure successful implementation." He acknowledged that Republicans will "find various ways to try and stop us from using the authority we have under the Clean Air Act. All I would say is that those have zero percent chance of working, and we're committed to moving forward." Greenpeace applauded the ruling, remarking, "The plan shows that President Obama is serious about pushing the power sector away from coal and toward renewable energy, and that commitment couldn't come any sooner. Global warming is already affecting the lives of Americans in every single corner of our country, and things will get dramatically worse if we don't switch from coal, gas, and oil to renewables like wind and solar." In a separate statement, Greenpeace Climate and Energy Campaign director Gabe Wisniewski warned that the opposition would come not just from right-wing politicians, but industries and lobbyists like the American Legislative Exchange Council. While that pushback is to be expected, he added, it makes little sense, as "the most successful and innovative businesses in the country are sprinting to adopt renewable energy." "The President promised he would act to tackle the climate crisis and protect the health of our children and grandchildren, and he is keeping his word," said Michael Brune, executive director of the Sierra Club. "These aren't just the first-ever protections to clean up carbon pollution from power plants, they also represent the largest single step any president has ever taken to fight climate disruption." EcoWatch founder and CEO Stefanie Spear said June 2 was "a really historic day for our country. These guidelines will help foster clean energy and efficiency while cleaning up the nation's air. We really need to show how renewables do work. We can power our country from wind, from solar, from other renewable sources, and energy efficiency has a vital role in all of this." Sheryl Carter, co-director of the National Resources Defense Council's energy program, added, "Energy efficiency is the cheapest, fastest, and cleanest way to cut carbon emissions, and it benefits local communities enormously by putting people to work and lowering bills. We are already seeing clear examples of efficiency in action, with huge job and money-savings benefits based on real-world experience by states. This analysis shows that carbon standards that use efficiency as a key strategy will expand these benefits to a much bigger scale. We need to do this now." This article was originally published in People's World by Blake Deppe.
  3. One day after the US unveiled their plan to cut carbon emissions with 20 percent by 2030, a top senior adviser to the Chinese government said that the country will set limits to their carbon emissions from 2016. Reuters report that He Jiankun, chairman of China's Advisory Committee on Climate Change, told a conference in Beijing earlier today that China will introduce an absolute cap on carbon emissions from 2016. “The government will use two ways to control CO2 emissions in the next five-year plan, by intensity and an absolute cap,” He said. Although later during the day He seemed to downplay his earlier comments, saying that he was only expressing his “personal view” and that they do not represent the views of the Chinese government - potentially after pressure from the latter. “What I said today was my personal view,” He said. “The opinions expressed at the workshop were only meant for academic studies. What I said does not represent the Chinese government or any organization.” If China were to set a cap on their carbon emissions, it would be a major game changer for international climate talks. So far these talks have suffered from a North versus South, rich versus poor, divide where the U.S. and China have been arguing over who should take the first step to limit carbon emissions. “The Chinese announcement marks potentially the most important turning point in the global scene on climate change for a decade,” said Michael Grubb, a professor of international energy and climate policy at University College London, to Reuters. In 2006, China dethroned the U.S. and became the world’s largest emitter of greenhouse gases, and their emissions continue to rise steadily. A cap on carbon emissions is therefore very much needed, but the actual impact of such a cap is dependent on which limit and sector its applied to. “Interesting hint from Beijing, although the key point will be where (the cap) is set. If ambitious and announced well in advance of Paris, it could be a game changer,” Connie Hedegaard, Climate Action Commissioner for the European Union, said in a response. Following the announcement from the U.S. yesterday and today’s hint from China, things are clearly starting to move again after the huge failure in Copenhagen back in 2009. The big climate summit in Paris next year will be exciting. But it’s doubtful that China will, and even can, limit their carbon emissions before 2030.