Evening Must-Read: Martin Wolf: Riches and Perils of the Fossil-Fuel Age

Martin Wolf: Riches and Perils of the Fossil-Fuel Age: “In 2035, emissions of CO2 are forecast [by BP] to be 18bn tonnes above levels suggested by the International Energy Agency’s ‘450 Scenario’…

…Improvements in energy efficiency are a… more important driver of the relatively low growth in emissions than shifts in the fuel mix…. These forecasts… imply a faster rise in energy efficiency than between 2000 and 2013…. Could we do better?… We need an accelerated technological revolution…. The sense of the BP report… is that… obstacles are many: costs, technological limits, slow turnover of the capital stock, inability to implement policy globally and natural inertia…. If governments could agree to implement a tax on carbon, they would give a big impulse towards an energy future that is more efficient and less polluting…

March 3, 2015

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