Carbon Futures
As the SNP gathers in Inverness the slogan “It’s Scotland’s Oil” seems an awfully long time ago. We rightly celebrate the best climate change bill in the world, but this from Grist makes the mood seem a little less celebratory:
“Schellnhehuber and his WBGU colleagues go a giant step beyond the findings of the Intergovernmental Panel on Climate Change, the U.N. body whose scientific reports are constrained because the world’s governments must approve their contents. The IPCC says that by 2020 rich industrial countries must cut emissions 25 to 40 percent (compared with 1990) if the world is to have a fair chance of avoiding catastrophic climate change. By contrast, the WBGU study says the United States must cut emissions 100 percent by 2020—in other words, quit carbon entirely within 10 years. Germany and other industrial nations must do the same by 2025 to 2030. China only has until 2035, and the world as a whole must be carbon free by 2050. The study adds that big polluters can delay their day of reckoning by “buying” emissions rights from developing countries, a step the study estimates would extend some countries’ deadlines by a decade or so.”
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