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Carbon bubble: Obama admits world cannot burn all known fossil fuel reserves

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US president Barack Obama has acknowledged the warnings of climate scientists and financial analysts that the majority of known fossil fuel reserves must never be used if climate change is to be curbed.

In an interview conducted several weeks ago, to be aired in Monday’s episode of Showtime’s climate series, Years of Living Dangerously in the US and previewed in the New York Times, Obama was asked if he agreed that no more than one-third of proven reserves of fossil fuels can be consumed before 2050.

“Science is science”, he said. 

“We’re not going to be able to burn it all. Over the course of the next several decades, we’re going to have to build a ramp from how we currently use energy to where we need to use energy. 

“And we’re not going to suddenly turn off a switch and suddenly we’re no longer using fossil fuels, but we have to use this time wisely, so that you have a tapering off of fossil fuels replaced by clean energy sources that are not releasing carbon.” 

The publication of the interview comes shortly after the unveiling of new US Environmental Protection Agency (EPA) rules that aim to cut pollution from power plants by 30% by 2030.

It is hoped the guidelines will boost investment in the US renewable energy industry, while also bringing net climate and health benefits worth up to $82 billion (£48 billion). 

Obama added that helping the market to cut carbon emissions may save trillions of dollars in the long run.

“If there’s one thing I would like to see, it’d be for us to be able to price the cost of carbon emissions”, he said.  

“We’ve obviously seen resistance from the Republican side of the aisle on that. And out of fairness, [there are] some Democrats who’ve been concerned about it as well, because regionally they’re very reliant on heavy industry and old-power plants.

“I still believe, though, that the more we can show the price of inaction — that billions and potentially trillions of dollars are going to be lost because we do not do something about it — ultimately leads us to be able to say, ‘Let’s go ahead and help the marketplace discourage this kind of activity.’”

In the interview, Obama also revealed that he now gets frequent briefings on environmental issues from science adviser John Holdren, much like his daily security briefing from the intelligence community. 

One major concern, the president says, is where these issues overlap. Obama admits he is worried about the impact climate change will have on global security. 

“When you start seeing how these shifts can displace people — entire countries can be finding themselves unable to feed themselves and the potential incidence of conflict that arises out of that — that gets your attention”, he said.

“[These countries] don’t have a lot of margin for error, and that has national security implications. 

“When people are hungry, when people are displaced, when there are a lot of young people, particularly young men, who are drifting without prospects for the future, the fertility of the soil for terrorism ends up being significant. And it can have an impact on us.” 

According to a recent report from a panel of former American generals and admirals, climate change is already acting as a catalyst for conflict and poses a serious risk to security.

The Centre for Naval Analysis Corporation’s (CNA) Military Advisory Board’s analysis suggests that droughts caused by warming in the Middle East and Africa are leading to conflicts over food and water, exacerbating pre-existing tensions and creating an environment in which extremism and revolutionary influences can prosper.

Further reading:

Obama emissions plan could boost investment in renewables

Poll: 70% of Americans support Obama’s power plant rules

US move to cut emissions will deliver private investment ‘certainty’

Obama to unveil plan to cut pollution by 25%

Climate change a ‘catalyst for conflict’

 

Energy

7 New Technologies That Could Radically Change Our Energy Consumption

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Energy Consumption
Shutterstock Licensed Photo - By Syda Productions | https://www.shutterstock.com/g/dolgachov

Most of our focus on technological development to lessen our environmental impact has been focused on cleaner, more efficient methods of generating electricity. The cost of solar energy production, for example, is slated to fall more than 75 percent between 2010 and 2020.

This is a massive step forward, and it’s good that engineers and researchers are working for even more advancements in this area. But what about technologies that reduce the amount of energy we demand in the first place?

Though it doesn’t get as much attention in the press, we’re making tremendous progress in this area, too.

New Technologies to Watch

These are some of the top emerging technologies that have the power to reduce our energy demands:

  1. Self-driving cars. Self-driving cars are still in development, but they’re already being hailed as potential ways to eliminate a number of problems on the road, including the epidemic of distracted driving ironically driven by other new technologies. However, even autonomous vehicle proponents often miss the tremendous energy savings that self-driving cars could have on the world. With a fleet of autonomous vehicles at our beck and call, consumers will spend less time driving themselves and more time carpooling, dramatically reducing overall fuel consumption once it’s fully adopted.
  2. Magnetocaloric tech. The magnetocaloric effect isn’t exactly new—it was actually discovered in 1881—but it’s only recently being studied and applied to commercial appliances. Essentially, this technology relies on changing magnetic fields to produce a cooling effect, which could be used in refrigerators and air conditioners to significantly reduce the amount of electricity required.
  3. New types of insulation. Insulation is the best asset we have to keep our homes thermoregulated; they keep cold or warm air in (depending on the season) and keep warm or cold air out (again, depending on the season). New insulation technology has the power to improve this efficiency many times over, decreasing our need for heating and cooling entirely. For example, some new automated sealing technologies can seal gaps between 0.5 inches wide and the width of a human hair.
  4. Better lights. Fluorescent bulbs were a dramatic improvement over incandescent bulbs, and LEDs were a dramatic improvement over fluorescent bulbs—but the improvements may not end there. Scientists are currently researching even better types of light bulbs, and more efficient applications of LEDs while they’re at it.
  5. Better heat pumps. Heat pumps are built to transfer heat from one location to another, and can be used to efficiently manage temperatures—keeping homes warm while requiring less energy expenditure. For example, some heat pumps are built for residential heating and cooling, while others are being used to make more efficient appliances, like dryers.
  6. The internet of things. The internet of things and “smart” devices is another development that can significantly reduce our energy demands. For example, “smart” windows may be able to respond dynamically to changing light conditions to heat or cool the house more efficiently, and “smart” refrigerators may be able to respond dynamically to new conditions. There are several reasons for this improvement. First, smart devices automate things, so it’s easier to control your energy consumption. Second, they track your consumption patterns, so it’s easier to conceptualize your impact. Third, they’re often designed with efficiency in mind from the beginning, reducing energy demands, even without the high-tech interfaces.
  7. Machine learning. Machine learning and artificial intelligence (AI) technologies have the power to improve almost every other item on this list. By studying consumer patterns and recommending new strategies, or automatically controlling certain features, machine learning algorithms have the power to fundamentally change how we use energy in our homes and businesses.

Making the Investment

All technologies need time, money, and consumer acceptance to be developed. Fortunately, a growing number of consumers are becoming enthusiastic about finding new ways to reduce their energy consumption and overall environmental impact. As long as we keep making the investment, our tools to create cleaner energy and demand less energy in the first place should have a massive positive effect on our environment—and even our daily lives.

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Energy

Responsible Energy Investments Could Solve Retirement Funding Crisis

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Energy Investments
Shutterstock / By Sergey Nivens | https://www.shutterstock.com/g/nivens

Retiring baby-boomers are facing a retirement cliff, at the same time as mother nature unleashes her fury with devastating storms tied to the impact of global warming. There could be a unique solution to the challenges associated with climate change – investments in clean energy from retirement funds.

Financial savings play a very important role in everyone’s life and one must start planning for it as soon as possible. It’s shocking how quickly seniors can burn through their nest egg – leaving many wondering, “How long your retirement savings will last?

Let’s take a closer look at how seniors can take baby steps on the path to retiring with dignity, while helping to clean up our environment.

Tip #1: Focus & Determination

Like in other work, it is very important to focus and be determined. If retirement is around the corner, then make sure to start putting some money away for retirement. No one can ever achieve anything without dedication and focus – whether it’s saving the planet, or saving for retirement.

Tip #2: Minimize Spending

One of the most important things that you need to do is to minimize your expenditures. Reducing consumption is good for the planet too!

Tip #3: Visualize Your Goal

You can achieve more if you have a clearly defined goal in life. This about how your money can be used to better the planet – imagine cleaner air, water and a healthier environment to leave to your grandchildren.

Investing in Clean Energy

One of the hottest and most popular industries for investment today is the energy market – the trading of energy commodities. Clean energy commodities are traded alongside dirty energy supplies. You might be surprised to learn that clean energy is becoming much more competitive.

With green biz becoming more popular, it is quickly becoming a powerful tool for diversified retirement investing.

The Future of Green Biz

As far as the future is concerned, energy businesses are going to continue getting bigger and better. There are many leading energy companies in the market that already have very high stock prices, yet people are continuing to investing in them.

Green initiatives are impacting every industry. Go Green campaigns are a PR staple of every modern brand. For the energy-sector in the US, solar energy investments are considered to be the most accessible form of clean energy investment. Though investing in any energy business comes with some risks, the demand for energy isn’t going anywhere.

In conclusion, if you want to start saving for your retirement, then clean energy stocks and commodity trading are some of the best options for wallets and the planet. Investing in clean energy products, like solar power, is a more long-term investment. It’s quite stable and comes with a significant profit margin. And it’s amazing for the planet!

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