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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Brought to you by the Environmental and Energy Study Institute
CBO Calls Carbon Tax 'Most Efficient' Option to Address Warming On February 12, the Congressional Budget Office (CBO) released a 42-page study entitled "Policy Options for Reducing CO2 Emissions" comparing different climate policy options on their potential to reduce greenhouse gas (GHG) emissions efficiently, to be implemented with relatively low administrative costs, and to create incentives for emission reductions that are consistent with incentives in other countries. Options considered were a tax on emissions, a cap on the total annual level of emissions combined with a system of tradable emission allowances, and a modified cap-and-trade program that includes features to constrain the cost of emission reductions.
California Releases Climate Recommendations On February 11, the California Air Resources Board (CARB) Global Warming Economic and Technology Advancement Advisory Committee (ETAAC) released its recommendations for greenhouse gas (GHG) emission control technologies. CARB's goal is to move California from its current level of 14 tons of carbon-dioxide equivalent emitted per person per year down to 10 tons/person by 2020. ETAAC also considered an 80 percent reduction by 2050, which would require a level of 1.5 tons/person by 2050. Average US GHG emissions were 23.4 tons/person in 2003.
Maryland Governor Backs GHG Limits Governor Martin O’Malley of Maryland supports a bill that enforces strict limits on greenhouse gas (GHG) emissions. The bill (SB 309) under consideration by the state Senate would require a 25 percent cut below 2006 levels by 2020 and a 90 percent cut below 2006 levels by 2050 on power plant and vehicle emissions, as well as reducing overall energy consumption in Maryland. The bill allots both the State and the Maryland Department of Environment the right to identify the specific sources of reduction. Financial penalties and rewards would be imposed in order to curb GHG emissions. The proposal doesn’t indicate the exact method for cutting emissions, but it does specify a timetable that the state’s environmental agencies are required to follow to propose regulations for every business and sector of the economy. O’Malley said, “The climate crisis is real, and we must act now to reduce global climate change. I believe if we act responsibly we can help reduce the effects of global warming, but also create thousands of green jobs for Maryland’s economy.”
Antarctic Sea Life Threatened by Global Warming Scientists warn that if global warming persists, sea creatures in the Antarctic will be threatened with extinction due to the invasion of sharks, crabs and other predators. Soft-bodied, slow-moving invertebrates, such as shrimp, ribbon worms and brittle stars dominate the Antarctic seafloor. Shell-crushing animals, such as crabs and sharks have been kept away from the Antarctic waters due to the extreme cold waters. However, Dr. Sven Thatje of the National Oceanography Centre at the University of Southampton, UK, said “today, global warming is removing barriers to invasions and we’ve seen recently that crabs…are on the doorstep of Antarctica – they can potentially re-invade the shallow waters if warming continues.” Surface sea temperatures in Antarctica have risen by 1-2ºC, more than twice the global average, in the last 50 years. Dr. Richard Aronson of Dauphin Island Sea Laboratory in Alabama said “we have to act now in Antarctica as elsewhere to save the diversity of the planet.... The global actions are what we’ve been saying for all other environments – we have to control emissions of greenhouse gases.”
Oil Companies Push for Clarity on CO2 Emission Policies Three of the world’s largest oil companies, Royal Dutch Shell, Conoco-Phillips and Total, have urged US and European governments to take the lead in clarifying CO2 emissions policies. While the industries maintain different opinions about the depth of policy, they say the government’s uncertainty will damage investment and destabilize energy markets. Shell and Conoco-Phillips both expressed a need for an agreement in fighting global warming. Christophe de Margerie, chief executive of Total, spoke out for a higher level of certainty on the future framework for CO2 emissions.
Leading Companies Sign Declaration to Combat Climate Change Twelve companies, including Sony, Nokia, Nike and Hewlett-Packard, signed the Tokyo Declaration, agreeing to reduce greenhouse gas (GHG) emissions by more than 50 percent below 2000 levels by 2050. The businesses met at the Climate Savers Summit 2008, held by Sony and World Wildlife Fund (WWF), in order to highlight the necessity to combat global warming and to urge other companies to do the same. They pledged to “take all necessary action” in order to see emissions peak and begin to decline within the next 10-15 years. They called for a limit to the increase in global temperature by less than 2ºC—the amount, which scientists have warned if exceeded, would result in major environmental and economic impacts.
Energy Efficiency Seen as Key to Cutting GHG Emissions A study by the McKinsey Global Institute (MGI) found that an annual global investment of $170 billion in energy productivity through 2020 could half the global energy demand—an amount equivalent to 64 million barrels of oil per day. This investment would create energy savings with an average internal return rate of 17 percent, or $29 billion. MGI said the most cost-effective method for reducing global greenhouse gas (GHG) emissions is through energy productivity. Additionally, the report says the investment would cut CO2 emissions to about 550 parts per million—the amount needed to stabilize the gas at the safety limit set by the Intergovernmental Panel on Climate Change.
IEA Urges the United States to Speed Energy Efficiency and Renewable Energy Plans The International Energy Agency (IEA) commended the US Congress for passing a law to boost fuel efficiency in cars and trucks, but said the US government must act more quickly in setting fuel efficiency standards, improving power plant efficiency, and reducing greenhouse gas GHG) emissions. The IEA, energy advisor of 27 industrialized countries, stated that many European countries, as well as Japan and China, have set more stringent standards than the new US Corporate Average Fuel Economy standards, which don’t fully commence until 2020. Nobuo Tanaka, IEA Executive Director, said “that’s not very fast or ambitious enough. If these kinds of efficiency gains can be achieved outside the United States, then why not here?”
United States Anticipates a $1 Trillion Carbon Trading Market According to an analysis by New Carbon Finance, the United States should expect to see a carbon trading market of $1 trillion per year by 2020 if the cap-and-trade program is implemented. A separate report by Point Carbon estimates a $600 billion annual pollution credits trading market by 2015. Eleven of the 13 climate change bills currently under consideration in Congress propose a cap-and-trade system. The bills either prohibit or strictly constrain allowance transfers from trading systems outside the United States. Researchers say the $1 trillion carbon trading market will be more than twice the size of the European Union’s Emissions Trading Scheme.
Venture Capitalists Invest Billions in Clean Energy Venture capitalists have been investing billions of dollars in clean-energy start-ups, from solar panels and biodiesel fuels to eco-friendly drywall. The National Venture Capital Association and Thomson Financial reported that US venture capitalists invested $2.6 billion in clean-energy start-ups—more than the $1.8 billion invested in 2006—in just the first nine months of 2007. Investors in the electricity “demand response” sector, such as EnerNOC Inc., have already experienced big wins. However, some of those who invested in the biofuels sector have had early disappointments due to increasing costs of feedstock materials. Alain Harrus, a partner at Crosslink Capital, said “there is a little bit of an investment frenzy” in solar energy, as investments are pouring into that sector.
FT500 Companies Now Addressing Climate Change According to CorporateRegister.com’s ‘Corporate Climate Communications 2007’ report, 87 percent of stand-alone non-financial reports released by Global FT500 companies addressed climate change and 78 percent published greenhouse gas (GHG) emissions data. The report showed only one in ten North American reporters provided external assurances with their climate-related disclosures, compared with three in five European companies. Among the Global FT500 companies, 44 percent provided external assurances. Paul Scott, from CorporateRegister.com, said “the world’s largest companies are voluntarily disclosing valuable information on climate change issues, including quantified, verified data and specific targets. The era of wholesale corporate climate change denial is over: We may now be witnessing the beginnings of corporate climate activism.”
1970s ‘Global Cooling’ Concern Debunked Research by Thomas Peterson of the National Climatic Data Center indicates that the alleged scientific “global cooling” concern from the 1970s is a myth. Peterson’s study, conducted through a survey of dozens of peer-reviewed scientific articles from 1965 - 1979, reported 44 predicted global warming, while only seven supported cooling and 20 remained in neutral positions. The study says, “There was no scientific consensus in the 1970s that the Earth was headed into an imminent ice age.... A review of the literature suggests that, to the contrary, greenhouse warming even then dominated scientists’ thinking about the most important forces shaping Earth’s climate on human time scales.”
Hunters and Anglers Speak out Against Global-Warming Hunters and anglers say global warming has caused trout and salmon to search for cooler waters upstream, moose populations to move northward, and prairie potholes—the location of duckling hatches—to dry up. Almost 700 hunting, fishing and sporting groups have written letters to lawmakers, pushing for a bill that will stop greenhouse gas (GHG) emissions. Rod Mondt, a conservation-lands coordinator for Trout Unlimited, said “the hunting and angling community is becoming more aware of global climate change and the problems associated with that, especially how it affects fish and wildlife. They see it more readily, because they’re out in the field more.”
Some USCAP Members Support Efforts to Undermine GHG Restrictions A turning point in corporate environmentalism was reached last January when ten of the largest US corporations and four environmental groups joined together in an effort to implement federal regulations on greenhouse gas (GHG) emissions. The US Climate Action Partnership (USCAP) tried to cut down on global warming by sanctioning cuts on emissions by 10 – 30 percent within 15 years and 60 – 80 percent by 2050. However, at the same time, many companies belonging to USCAP are backing oppositions to mandatory GHG cuts or promoting policies that would make the USCAP reductions nearly impossible to meet. Frank O’Donnell, president of Clean Air Watch, said “many of these companies want the image of being green but are putting their money on the other side of the issue.”
US Investors Pledge $10 Billion for Renewable Energy At the United Nations on February 14, almost 50 leading US and European institutional investors managing over $1.75 trillion in assets released a climate change action plan. The plan will raise investments in clean energy technologies and energy efficiency and require tougher scrutiny of carbon-intensive investments that may pose long-term financial risks. Signatories to the action plan include state treasurers, controllers, pension fund leaders, asset managers and foundations from London, California, Florida, New York, Connecticut, North Carolina, Pennsylvania and a dozen other states. Bill Lockyer, California State Treasurer, said “Our goal is to transform the world economy into one that is clean, green and sustainable. California’s public pension funds have already committed over $800 million to this effort through investments in environmental technology.”
Events March 3, 2008 Seminar on Energy, Climate and the Environment The Embassy of Sweden, the Swedish Energy Agency and the Swedish Research Council invite you to a seminar entitled “Research and Innovation in Energy, Climate and the Environment – Collaboration Between the United States and Sweden” on Monday, March 3, from 9:00 AM – 5:30 PM. The event will be held at the House of Sweden, 2900 K Street NW, Washington, DC. For additional information, contact Ms. Britt-Marie Forslund at 202-467-2671. RSVP's to pia.norrman@swedishenergyagency.se
March 4-6, 2008 Washington International Renewable Energy Conference The US Government will host the Washington International Renewable Energy Conference (WIREC 2008) at the Washington, DC Convention Center on March 4-6. WIREC 2008 will consist of four major co-located events: Ministerial Meeting; Official Side Events; Business Conference; and Trade Show. The Trade Show is anticipated to be the largest business to business and business to government conference and exposition ever held on renewable energy in the United States. It will host exhibitors, speakers and delegates from more than 70+ countries from around the world. For more information see www.wirec2008.gov and www.americanrenewables.org
March 6, 2008 Seminar on Sustainable Biomass The Embassy of Sweden, the Swedish Energy Agency and the Swedish Research Council invite you to a seminar entitled “Sustainable Production and Use of Biomass for Energy” on Thursday, March 6 from 4:30 PM – 6:30 PM. The event will be held at the House of Sweden, 2900 K Street NW, Washington, DC. For additional information, contact Ms. Britt-Marie Forslund at 202-467-2671. RSVP's to pia.norrman@swedishenergyagency.se
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