The Copenhagen climate summit has fractured between rich countries and poor, with both sides demanding tighter caps on the other side. China and India have just offered fake intensity caps exactly like George Bush committed to in 2001. Carbonomics explained this fracturing at Copenhagen in advance.
In Carbonomics, distinguished energy economist Dr. Steven Stoft, digs into history, economics, and myths to lay the foundation for simple but powerful policies that could break political deadlocks.
The book starts with energy and climate myths, such as George Bush's myth that effective climate policy would “wreck the economy.” Next it examines the reality of the world’s fossil-energy markets and the powers behind them.
The third part explains domestic policies, cap-and-trade, Jim Hansen's fully refunded carbon tax, and tamper-proof fuel-efficiency standards.
But we can only stop global warming with strong global cooperation, so the final part is key. Stymied by 13 years of deadlock between poor countries and rich countries Kyoto has left the vast bulk of emission increases uncontrolled. Yes, capping them would do the trick, but we cannot afford another 13 years without progress when there are other ways to solve this problem.
Carbonomics takes the global policy ideas of James Hansen, the world’s top climate scientist, and Nobel economist Joseph Stiglitz and pushes them forward to a practical solution. Developing countries must make substantial commitments or the US Senate never will. And the US and Europe can use caps, but China and India need not be forced to.
Even so, China and India must make binding commitments. And rich countries must stop paying them for questionable “carbon offsets.” Paying them for offsets is why they want us to have super tight caps—so we will need to buy more offsets. Carbonomics cuts through the circles we’ve been going in for three decades and offers clear thinking and sound, practical solutions.