To Stop Climate Change, Use the Power of Price

A barrel of oil fetches about $80 on the global market. Consider the power of that price: 

It has driven extensive human endeavor, trillions of dollars in investment, technological breakthroughs, the creation of some of the world’s largest companies — all to extract fossil fuels from wherever in the world they can be found.

The burning of those fuels, among other things, will put about 36 billion tons of carbon dioxide into Earth’s atmosphere this year. 

Policymakers would like to push that number to zero. But getting there requires a powerful incentive — which is why governments must put a price on carbon as soon as possible.

Bloomberg editorial 7 maj 2024

Global carbon emissions from energy use may peak next year. But...

Based on current trajectories those emissions will rise by more than 30% by 2050—putting the world’s climate goals out of reach.

China’s carbon emissions have either peaked already or will do this winter, seven years ahead of schedule. They may plateau for a year or two but will then go into exponential decline for mechanical and unstoppable reasons.

The country’s target of net zero by 2060 is likely to be achieved a decade earlier than previously assumed, and perhaps earlier than in Europe. 

This is a remarkable turn of events.

https://englundmacro.blogspot.com/2023/11/rod-oppning-red-opening-27-november-2023.html