The Intergovernmental Panel on Climate Change has just issued it’s latest and most definitive assessment about the extent of global warming. The earth’s average temperature has increased by .85 degrees centigrade since 1880 and is on track to increase to 2 degrees centigrade in a relatively short time span. Such a major climate change will have severe repercussions for human life.
There is much evidence for the IPCC’s gloomy prognosis. Most convincing for me is that the extent of the summer artic ice cap is steadily shrinking, as demonstrated in the above chart.
The Environmental Protection Agency is attempting to decrease carbon emissions by regulation but there is a limit to what can be accomplished in this way:
- The EPA’s goal is a 30% reduction in carbon emissions from 2005 levels by 2030. But the only way that this can possibly be achieved is by substituting the use of natural gas for coal, which reduces carbon emissions by 50%
- The current low cost of natural gas is making nuclear power less economically viable even though nuclear power has no carbon footprint at all.
- In addition to creating such constraints, this approach also has led the EPA to set complicated and arbitrary goals on carbon emissions for each state individually.
In other words, by employing onerous regulations the EPA will only, at best, be able to achieve a 30% reduction in carbon emissions by 2030. Of course, this is better than nothing but it is not nearly enough to significantly slow down global warming. Even if European countries succeed in meeting similar targets as the ones set for the U.S., this leaves out the largest carbon emitter of all, namely China, as well as the rest of the developing world. Since it is impractical to eliminate the use of fossil fuels altogether, or even come close to doing so, the emphasis should be on limiting carbon emissions. In other words, we should create incentives for carbon “sequestration,” i.e. the capture and storage of carbon when burning fossil fuels. The way to do this is with a tax on the release of carbon into the atmosphere. Such a carbon tax would provide a huge incentive for energy and power companies to develop the best possible sequestration techniques. With an economic incentive to do so, U.S. technological ingenuity will quickly develop effective methods for carbon sequestration. Once discovered and perfected, their use would rapidly spread around the world. Climate change is real and we need an effective way to address it. A carbon tax is the best way to get the job done.