14/06/2016

Renewables Are Poised To Put Global Fossil Fuel Investment To Shame

Grist -

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As the cost of wind and solar plummets and technology improves, global renewable energy generation is poised to outdo gas in just over a decade, according to an analysis from Bloomberg New Energy Finance.
The report, New Energy Outlook 2016, forecasts investments of $7.8 trillion in renewables by 2040. That's much more than what will be invested in fossil fuels, putting renewables on track to overtake gas by 2027 and coal by 2038.
Annual electricity output by the major generating technologies, 2016-40, thousand TWh
Annual electricity output by the major generating technologies, 2016-40, thousand TWh
Even that massive growth in renewables isn't nearly enough, especially to keep us under the global goal of 2 degrees Celsius of warming. To prevent the worst of climate change, according to Bloomberg, the world will need to see an additional $5.3 trillion in zero-carbon energy.
Fossil fuels are still going to still attract a good chunk of funding in the next few decades — to the tune of $2.1 trillion. This is especially true in emerging economies like India and other Asian markets, where Bloomberg predicts that coal-fired power will increase global emissions to 5 percent above 2015 levels by 2040. India's demand for electricity alone is expected to grow nearly four times by 2040.
Although coal production in the U.S. just fell to its lowest level in 35 years, the era of fossil fuels isn't quite over yet.

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The Paris Climate Agreement Needs Coordinated Carbon Prices To Be Successful

The Conversation - 

All countries will have to reduce emissions. Coal image from www.shutterstock.com
The Paris climate agreement was an important success for climate diplomacy as nation states showed a strong will to cooperate on climate action. But instead of imposing binding national emission targets, the Paris Agreement is based on voluntary country commitments (known as Intended Nationally Determined Contributions- INDCs). This poses some challenges.
First, the INDCs proposed so far are not enough to limit warming to well below 2℃, aiming for 1.5℃, as agreed in Paris. The INDCs shift a large burden of the effort to reduce greenhouse gas emissions to after 2030.
Second, the INDCs cannot, yet, be verified and compared in a transparent manner to build mutual trust over time.
Third, countries lack incentives to increase their level of ambition without reducing their competitiveness as well as securities that other countries do not free-ride; to counteract this the right institutions are needed.
Lastly, the INDCs do not automatically become national law after a country ratifies the Paris agreement. Only the promise to review and revise INDCs every five years is legally binding. Countries have to make an additional effort to include their proposed climate policy in their other national policies – for example to counteract the expansion of coal power plants.

Raising the bar
To be effective, the Paris agreement, or any international agreement, has to address these challenges. In this respect, sufficiently high national carbon prices that increase over time would be a meaningful climate policy instrument for three main reasons.
First, carbon prices are relatively easy to compare and represent a transparent indicator of the ambition level of national climate policies.
Second, a carbon price drives up the cost of carbon dioxide (CO₂) emissions, rendering high-emission forms of energy (such as coal power) unprofitable over the long term and low-emission technologies (such as wind and solar) competitive.
Third, the additional revenue from carbon pricing could remain in the respective countries and be used to achieve other societal targets, such as the Sustainable Development Goals.
When negotiating international carbon prices, for example in the context of the G20, individual countries would pledge to increase their domestic carbon price levels via emission taxes, fossil energy taxes, or emissions trading schemes featuring a price floor.
However, these price increases would only come into effect if other countries were likewise implementing high prices. This strategy would circumvent the concern that carbon pricing leads to competitive disadvantages. It would also include a sanctioning mechanism if participants were to lower their carbon prices.

Sharing the burden
A truly global coordination and increase of carbon prices can only occur if an effective burden sharing scheme is implemented. To engage developing countries, transfer payments are necessary. A particular country would receive international support if they accept a national carbon price.
Funds would have to increase with the price level, compensating for higher emissions reduction costs. Reducing the level of ambition would lead to a loss of international support.
This mechanism in turn increases the trust that other countries will pursue ambitious climate policies themselves. The climate finance envisaged in the Paris Agreement could be a main pillar of this strategy.

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Future Summers Could Regularly Be Hotter Than The Hottest On Record

ScienceDaily

In 50 years, summers across most of the globe could regularly be hotter than any summer experienced so far by people alive today, according to a study by scientists at the National Center for Atmospheric Research (NCAR).
If greenhouse gas emissions remain unabated. virtually every summer between 2061-2080 could be hotter than any in the historical record. Credit: © Sunny Forest / Fotolia
If climate change continues on its current trajectory, the probability that any summer between 2061 and 2080 will be warmer than the hottest on record is 80 percent across the world's land areas, excluding Antarctica, which was not studied.
If greenhouse gas emissions are reduced, however, that probability drops to 41 percent, according to the study.
"Extremely hot summers always pose a challenge to society," said NCAR scientist Flavio Lehner, lead author of the study. "They can increase the risk for health issues, but can also damage crops and deepen droughts. Such summers are a true test of our adaptability to rising temperatures."
The study, which is available online, is part of an upcoming special issue of the journal Climatic Change that will focus on quantifying the benefits of reducing greenhouse gas emissions. The research was funded by the U.S. National Science Foundation (NSF) and the Swiss National Science Foundation.

Simulating a range of summers
The research team, which includes NCAR scientists Clara Deser and Benjamin Sanderson, used two existing sets of model simulations to investigate what future summers might look like. Both had been created by running the NCAR-based Community Earth System Model 15 times, with one assuming that greenhouse gas emissions remain unabated and the other assuming that society reduces emissions.
The Community Earth System Model is funded by NSF and the U.S. Department of Energy. The simulations were run on the Yellowstone system at the NCAR-Wyoming Supercomputing Center.
By using simulations that were created by running the same model multiple times, with only tiny differences in the initial starting conditions, the scientists could examine the range of summertime temperatures we might expect in the future for the "business-as-usual" and reduced-emissions scenarios.
"This is the first time that the risk of record summer heat and its dependence on the rate of greenhouse gas emissions has been so comprehensively evaluated from a large set of simulations with a single state-of-the-art climate model," Deser said.
The scientists compared the results to summertime temperatures recorded between 1920 and 2014 as well as to 15 sets of simulated summertime temperatures for the same historic period. By simulating past summers -- instead of relying solely on observations -- the scientists established a large range of temperatures that could have occurred naturally under the same conditions, including greenhouse gas concentrations and volcanic eruptions.
"Instead of just comparing the future to 95 summers from the past, the models give us the opportunity to create more than 1,400 possible past summers," Lehner said. "The result is a more comprehensive and robust look at what should be considered natural variability and what can be attributed to climate change."

Emissions cuts could yield big benefits
The scientists found that between 2061 and 2080, summers in large parts of North and South America, central Europe, Asia, and Africa have a greater than 90 percent chance of being warmer than any summer in the historic record if emissions continue unabated. This means that virtually every summer would be as warm as the hottest to date.
In some regions, the likelihood of summers being warmer than any in the historical record remained less than 50 percent, but in those places -- including Alaska, the central U.S., Scandinavia, Siberia, and continental Australia -- summer temperatures naturally vary a great deal, making it more difficult to detect the impact of climate change.
Reducing emissions would lower the global probability that future summers will be hotter than any in the past, but the benefits would not be spread uniformly. In some regions, including the U.S. East Coast and large parts of the tropics, the probability would remain above 90 percent, even if emissions were reduced.
But it would be a sizable boon for other regions of the world. Parts of Brazil, central Europe, and eastern China would see a reduction of more than 50 percentage points in the chance that future summers would be hotter than the historic range. Since these areas are densely inhabited, a large part of the global population would benefit significantly from climate change mitigation.
"We've thought of climate change as 'global warming'; among what matters is how this overall warming affects conditions that hit people where they live," said Eric DeWeaver, program director in NSF's Division of Atmospheric and Geospace Sciences, which funds NCAR. "Extreme temperatures pose risks to people around the globe. These scientists show the power of ensembles of simulations for understanding how these risks depend on the level of greenhouse gas emissions."
Lehner recently published another study looking at the overlay of population on warming projections. "It's often overlooked that the majority of the world's population lives in regions that will see a comparably fast rise in temperatures," he said.

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