TRANSITION FROM FOSSIL-BASED ENERGY
Sixty-one percent of global GHG emissions are from energyrelated CO2 (1).
The US Department of Energy predicts that world market energy consumption will grow by 50 percent from 2005 to 2030, given no changes in current laws and policies (2).
In a summary of the findings from Energy Technology Perspectives 2008 the challenge was outlined: "The rate of change needed is unprecedented. The analogy is not that we need an Apollo project or other grand undertaking, but more like we need an energy revolution"(3).
The International Energy Agency (IEA) has concluded that "the era of cheap oil is over"(2). The agency has called for an energy revolution, stating: "Current global trends in energy supply and consumption are patently unsustainable - environmentally, economically and socially".
The United Nations Framework Convention on Climate Change concludes that current levels of funding will be insufficient to address the future financial flows estimated to be needed for adaptation and mitigation under a strengthened future climate change deal post 2012 (4). UNFCCC further states that particularly in the energy sector, huge investment flows are needed.
It is clear that changes in current laws and policies, as well as increases in global investments, will be necessary to bring down the energy-related GHG emissions. Existing and emerging sustainable energy solutions must be utilized should we have any hope of reaching even the most modest targets for anthropogenic GHG emissions. Rising GHG emissions come at a high cost for our society. Putting a price on GHG emissions, reflecting on some of these costs, will be necessary to ensure investments and utilization of renewable sources of energy and CCS.
References:
1) International Energy Agency (2008): World Energy Outlook.
2) Energy Information Agency (2008): International Energy Outlook 2008, US Department of Energy.
3) Dolf Gielen, et al. (2008): Energy Technology Perspectives 2008. International Energy Workshop. Paris, IEA/OECD.
4) UFCCC (2008) Fact sheet: Financing climate change action.