Bloomberg: “600% Gain in Carbon Prices Vital to Rein in Global Warming”

Guest essay by Eric Worrall

h/t Dr. Willie Soon; Renewable energy is so cheap and convenient compared to fossil fuel and nuclear power, a brutal regime of carbon taxes is required to force people to move to using renewables.

600% Gain in Carbon Prices Vital to Rein in Global Warming

By Stephen Stapczynski
4 March 2021, 10:00 GMT+10 Updated on 

The world’s governments will need to significantly increase the cost of emitting carbon dioxide in order to keep global warming at bay.

That’s according to energy consultant Wood Mackenzie Ltd. To stop global temperatures from rising above 1.5 degree Celsius from pre-industrial levels, carbon prices must surge to $160 per ton of CO2 by 2030, up from a global average of $22 at the end of last year, it said in a report Thursday.

The price of carbon permits has recently climbed to a record in Europe amid speculative buying and efforts by policymakers to lower emissions, but Asian nations have lagged behind. Japan is consideringrevising its carbon tax, which is one of the lowest in the world. In China, online carbon trading is set to begin by the end of June.

Governments need carbon policies to push industries into adopting greener options for energy, such as hydrogen, WoodMac said in the report. That can be accomplished via carbon prices, direct incentives or tax policies, the consultancy said.

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Something I don’t understand, previous energy revolutions were rapid and voluntary. For example, when cheaper, more convenient kerosene replaced whale oil after kerosene hit the market in the 1860s, the whaling industry collapsed in a little over a decade, as people flocked to the better option.

One day economists will unravel the mystery of why renewable energy is having such an uphill battle replacing fossil fuel, despite multiple claims that renewables are the cheapest option.

Of course, its just barely possible that people who claim renewables are cheap are not taking all relevant factors into consideration. For example, when you factor in the cost of all that extra infrastructure required to provide backup power in the event of an extended outage, like the recent Texas ice storm, renewables seem very expensive indeed.

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via Watts Up With That?

March 5, 2021 at 12:13AM

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