Benefits

Fri, 2014-10-10 09:53Sharon Kelly
Sharon Kelly's picture

A Shift from Fossil Fuels Could Provide $1.8 Trillion in Savings, Two New Reports Conclude

A worldwide transition to low carbon fuels could save the global economy as much as $1.8 trillion over the next two decades, according to two reports published Thursday by the Climate Policy Initiative.

By switching to renewable energy sources, the high costs associated with extracting and transporting coal and gas could be avoided, the reports, titled Moving to a Low Carbon Economy: The Financial Impact of the Low-Carbon Transition, and Moving to a Low Carbon Economy: The Impact of Different Policy Pathways on Fossil Fuel Asset Values, conclude.

This would free up funds to bolster financial support for wind, solar and other renewables – with enormous sums left over, the reports conclude. Following an approach aimed at capping climate change at 2 degrees Celsius will require walking away from massive reserves of fossil fuels, stranding the assets of major corporations, many researchers have warned. The new reports give this issue a closer look, demonstrating that more than half of the assets at risk are actually owned by governments not corporations.

This finding could be double-edged, since that means taxpayer money in many countries is at stake and those governments have the power to establish policies that could promote or repudiate the fossil fuels they control. But the reports' conclusion that trillions could be freed up if governments and private companies abandon those assets could make it easier for governments to leave those fossil fuels in the ground.

Fri, 2011-12-02 14:45Farron Cousins
Farron Cousins's picture

Old Talking Points Die Hard: "Climate Change Is Beneficial" Edition

If you follow the cycle of anti-climate change talking points, you’ll notice a pattern that repeats itself every few years. In between spurts of outright denial, the anti-science crowd will occasionally revert back to a less-heard talking point: Climate change is actually a good thing.

Even as the year 2011 has ranked the 10th warmest year on record, the “climate change is good” talking point has crept back to center stage among conservative pundits and dirty energy apologists who can't help but to acknowledge that climate change is real, but suggest that we don’t need to worry about it.

This particular talking point gained a lot of steam in 2004, when the Cato Institute began hyping the idea that climate change was going to be a net benefit for mankind. From Cato:

Theory predicts and observations confirm that human-induced warming takes place primarily in winter, lengthening the growing season. Satellite measurements now show that the planet is greener than it was before it warmed. There are literally thousands of experiments reported in the scientific literature demonstrating that higher atmospheric carbon dioxide concentrations – cause by human activity – dramatically increase food production. So why do we only hear one side about global warming?

Keep in mind, the Cato Institute was co-founded by oil billionaire Charles Koch and has received over $5.5 million from Koch family foundations since 1997, in addition to at least $125,000 from Exxon in the last 13 years.

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