08 June 2008

Costs of Future Carbon Reductions Estimated by IEA

We Can Cut CO2 Emissions In Half, But It Won't Be Cheap

graph from IEA reportA new report from the International Energy Agency provides some estimates of the cost of reducing global CO2 emissions 50% by 2050. Their scenarios depend on implementing new technologies such as carbon capture and storage, and involve cost of tens of trillions of dollars. Information about the report is here. The executive summary is here(pdf).

Maintaining Our Current Course Might Cost Just As Much

The IEA's "business as usual" scenario sees oil demand increasing 70%, requiring increased production equal to five times Saudi Arabia's current output. Obviously this would require huge investment, plus imposing much higher oil prices on future consumers. And under this scenario CO2 emissions would rise 130%. Who knows how much would have to be spent on climate change mitigation projects?

So we are going to invest many trillions either way. It is a question of what sort of planet we will have in the end.

(Environmental Leader article)

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