Economic Impact Of The Fossil Fuel Industry - 1497 Words

4.3 ECONOMIC EFFECIENCY It is very difficult to replace the heavy capital invested in the fossil fuel industry . Thus nations are several years away from decarbonisation. NETs are flexible mitigation technologies allowing the use of existing energy infrastructure to meet increasing power demands minus the resulting carbon emissions. One of the promising features of NETs such as CCS is its ability to pull out the undesirable CO2 emissions, allowing the use of domestically available supplies of fossil fuels . This can lead to huge cost savings. NETs such as bio char, AR, wetland restoration, SCS and BECCS are estimated to be more cost effective than mitigation methods; some of them being available at costs below $100/tC02 . These NETs†¦show more content†¦Since 1890, industrialised countries have contributed 54.5% of the global GHG emissions due to which emission reduction targets in the UNFCCC and the Kyoto protocol were based on the principle of CBDR (common but differentiated responsibility) . Developed nations have been the major contributors of cumulative emissions, but the developing nations are most likely to suffer its effects in future; leading to a possible moral corruption in the form of delay in the research and deployment of NETs by the industrialised nations . 5.2 CLIMATE CHANGE AND EQUITY If CO2 removal is to become feasible climate policy, determining the differentiated climate responsibilities of states will be as important as determining its expense and negative impacts . Ethical questions about justice and consent with respect to control over C02 levels and other complex political issues will arise . Should contribution to historic cumulative emissions, financial capabilities and access to advanced technology be factors in determining differentiated responsibilities of nations towards NETs? Meeting the 1.5C or 2C target carries a threat of conflict regarding burden sharing . Hence clarity regarding the burden sharing, distribution and other administrative and implementation issues related to these technologies isShow MoreRelatedFossil Fuels And Renewable Energy Essay1121 Words   |  5 Pagesdebate are at fossil fuels and renewable energy. Energy efficiency is arguably the most dire concern facing the planet, because it significantly impacts all areas of everyday life. Common ground can be found in this controversy because both parties do agree that humans have a responsibility to future generations. That responsibility is to preserve the resources of the Earth, while offering this generation energy that is affordable and accessible. 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