The IEA released their new Redrawing the Energy-Climate Map report in London yesterday. It offers 4 measures they say can stop the emissions growth by 2020 at no net economic cost, reducing emissions by 3.1 G - that's 80% of the savings required for a 2 °C path:
- Partial removal of fossil-fuel subsidies. Partial means the larger part of those subsidies going to the rich, leaving in place subsidies that help the poorest 20%.
- Implement selected energy efficiency policies. That's worth 50% of the 4 measures.
- Limit use of inefficient coal power plants - no inefficient coal
- Reduce methane releases from upstream oil and gas. Hadn't been thinking of that, but makes a lot of sense.
For that we get:
- Global energy-related greenhouse-gas emissions at 8% (3.1 Gt CO2‑equivalent) lower in 2020 than the level otherwise expected.
- At no net cost.
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We're holding a Climate Bonds meet-up in Sydney, Australia, next Mon 17 June 16.30. I will brief on our new Bonds & CC survey. Let me know if you want to come along. Teleconference access will be available.
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Limits to Growth guru Jorgen Randers spoke at the Green Growth Summit in Korea today; he's great talent. My notebook shows these six points as most memorable:
- Green growth is the only solution to climate change
- Population growth will stop within 40 yrs, but not fast enough to stop climate change
- We will in fact have enough resources - that's not the big challenge
- There will be more frequent and scary weather events leading up to 2050
- By 2050 the world will be spending 12% of GDP on dealing with the impacts of climate change (including that scary weather)
- Given the huge challenge, we have to do more on mission-driven investment, focused on the needs of society (e.g. Climate Bonds)
See http://www.chelseagreen.com/bookstore/item/2052/ and http://www.2052.info/
