Will fossil fuel production limits help reverse climate change? - The Hill
Will fossil fuel production limits help reverse climate change? | The Hill
The truth is complicated. Some economists argue that policies that reduce our demand for, rather than supply of, planet-warming fossil fuels are more effective. But such policies are also imperfect and politically difficult.
The use of fossil fuels — coal, oil and gas — is the main driver of climate change, which in turn contributes to more frequent and intense storms and flooding, as well as droughts, fires and food insecurity.
Climate policies can take several forms, including those that try to limit fossil fuel supply and those that try to reduce our need for such energy sources.
Renewable energy tax credits, mandated shifts to climate-friendly power sources and making homes, buildings and transportation more energy efficient reduce the need for fossil fuels.
Limiting supply involves policies such as curbing how much fuel can be produced or exported or blocking specific fossil fuel projects.
Supply-side policies are often the ones in the news. Climate activists have excoriated the Biden administration for its approval of the Willow Project, a ConocoPhillips oil drilling venture in Alaska.
The project is expected to produce 576 million barrels of oil — generating 239 million metric tons — over a 30-year period.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”