Fighting climate change in 2013

Financial Chronicle , Tuesday, January 01, 2013
Correspondent : Varun Dutt
With growing awareness about climate change and energy conservation, FC revisits significant milestones of 2012 that could help policymaking in the New Year

The year 2012 saw a number of climate-related events that threatened ma¬nkind. One could easily see this venerability in footage of glaciers vanishing, images of the entire surface of the Greenland Ice Shield melting this summer, and maps of Europe’s future — where being in southern part of the continent will likely be catastrophic. Several of these events shape policies and outcomes in 2013. In this article, we revisit some significant 2012 milestones that could prove to be of value for energy and climate policy-making in 2013.

In 2009, US president Barack Obama supported cap-and-trade legislation that would have put mandatory caps on the US greenhouse gas emissions. However, this promising legislation was shot down in the Senate. President Obama, after winning the 2012 election, has vowed to work to ensure that our future “isn’t threatened by the destructive power of a warming planet.” Although the legislator has not shown enthusiasm, it is likely that in 2013, president Obama would rely on the Environmental Protection Agency (EPA)’s existing regulatory authority to address climate change and to focus on clean energy initiatives.

In connection with President Obama’s, effort there have been a number of climate-related events. For example, 2012 saw the devastation of Hurricane Sandy and other extreme weather events, such as widespread drought in the US mid-west. In this regard, Senator Barbara Boxer, chairwoman of the Environment and Public Works Committee, along several other lawmakers is likely to move climate legislations forward in 2013. However, as the Republicans control the House, these climate legislations are unlikely to go through.

One promising trend in 2013 is the growing public awareness about global warming. For example, the proponents of government action on climate change point to results of a survey conducted by Yale and George Mason University. The survey found Americans’ belief in the reality of global warming has increased 13 per cent over the past two and a half years, from 57 per cent in January 2010 to 70 per cent in September 2012. With Sandy and other in-news events, 2013 should see this support increase further.

In 2012, the proportion of US residents saying they consider themselves knowledgeable on how energy is produced, delivered and used has increased from 24 per cent to 33 per cent. More are likely to seek added information about reducing their own energy use and as energy issues become more important to them. Thus, one expects to hear less argument about whether the Earth is warming and a more serious policy discussion, by elected officials across levels of government, about how we might mitigate the effects of rising seas, changing ocean acidity, agricultural uncertainty and extreme weather events.

In addition, the US environmental protection agency (EPA) is expected to continue to regulate greenhouse gas emissions under the Clean Air Act. Here, some states and environmentalists are also pushing EPA to set emissions guidelines for existing power plants, refineries, and other sources. Also, Connecticut, Delaware, Maryland, Massachusetts, New York, Rhode Island and Vermont are threatening to sue EPA for failing to address emissions of methane, a highly potent greenhouse gas from hydraulic fracking. These public pressures are likely to lead to positive outcomes in the form of emission standards for carbon dioxide and methane in 2013.

Hydraulic fracturing, also known as “fracking,” has been around for more than half a century, but in 2012, it expanded rapidly because of advances in horizontal drilling deep underground. Fracking is a process used in most natural gas wells in the US, where millions of gallons of water, sand and chemicals are pumped underground to break apart the rock and release the methane gas. Despite this proliferation of new wells, 59 per cent of US residents say they are unfamiliar with the term, down from 63 per cent in March, according to the latest findings from the University of Texas at Austin’s Energy Poll. Among those familiar with hydraulic fracturing, support decreased from 48 per cent to 41 per cent over six months. However, a December poll by Bloomberg reported that 66 per cent of US residents would like greater government oversight of the process, up from 56 per cent in September. In January 2013, Matt Damon’s new film Promised Land debuts. The film is expected to give rise to public knowledge and heated debate over this promising technology.

Furthermore, 2013 in expected to bring a wider adoption of renewable technologies. For example, there has been a significant increase in the percentage of Americans who say they are likely to buy hybrid or electric vehicles or use smart electric metres within the next five years. Most notably, between September 2011 and September 2012, the percentage of US residents who say they are likely to install solar panels at home increased from 21 per cent to 28 per cent. In addition, wind turbine installation in the US actually outpaced the installation of new natural gas capacity. According to Time magazine, in 2012, new wind capacity in the US reached 6,519 mw by November 30, just edging out gas capacity and more than doubling new coal installations. Meanwhile, new solar capacity in the US reached nearly 2,000 mw, beating out 2011’s numbers. Globally, the stock of installed wind and solar power hit 307 gw in 2011, up from 50 gw in 2004, while total investment in the sector hit $280 billion last year. These results are promising and are likely to improve further in 2013.

The UN international panel on climate change is to release its “Working Group I” report on the physical science of global warming as part of its 5th assessment report expected to be completed in 2014. The US national climate assessment advisory committee also is scheduled to release an assessment of current and future climate change impacts on the US. The 2013 report is expected to focus on adaptation and mitigation strategies. Both these reports are likely to shape energy and climate policies in 2013.

According to Time magazine, there is further good news: Both wind and solar are becoming more competitive against fossil fuels. For example, solar modules are 75 per cent cheaper than they were four years ago, while the cost of wind turbines has fallen by 25 per cent over the last three years. The reason for this decrease in cost is not just the government help, but also, technological advances. According to policy experts, there are emerging markets for new electricity generation, especially in untapped markets like Latin America and West Asia. For example, Saudi Arabia, wants more than $100 billion in renewables, while Japan and Germany need renewables to replace worrisome nuclear power. The year 2013 may be better for renewables compared with 2012. However, a lot will depend on how the larger global economy fares.

 
SOURCE : http://www.mydigitalfc.com/news/fighting-climate-change-2013-010
 


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