Challenges to a climate stabilizing energy future

Abstract

The paper surveys the major challenges to stabilizing the atmospheric CO 2 concentration. Climate change, and policies to deal with it, is viewed as an energy problem. The energy problem stems from the fact that no combination of carbon-free energies is currently capable of displacing fossil fuels as the main sources of the world's base load energy requirements. The paper provides rough estimates of the amount of carbon-free energy required to stabilize climate, the potential contribution of “conventional” carbon-free energies, the contribution of renewable energies, and the size of an “advanced energy technology gap”. The findings indicate that stabilizing CO 2 concentration will require a long-term commitment to research, develop, and eventually deploy new energy sources and technologies including hydrogen. The paper suggests that the role of technology is what makes stabilizing CO 2 concentration economically feasible. In this respect energy technology and economics are complementary, with advances in the former requiring something more than a reliance on market-based instruments, such as carbon taxes and emission permits. The analysis has implications for the credibility of commitments to target climate change-related factors such as CO 2 emissions.