Cato Institute
Policy Analysis
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For most of its
setting to reduce inefficiency and waste,
30 percent or more since the Industrial
given that human wants are greater than
Revolution, and the "warming potential"
scientific history
the resources to meet them.2 1 0
weighting of all six greenhouse gases has
C O2 has been
increased around 50 percent in the same peri-
considered an
od.2 1 3 Virtually all scientists believe that a
Global Warming: The Last   doubling of greenhouse gas concentrations
environmental
Challenge to Fossil Fuels?   in the atmosphere, estimated to occur over a
tonic.
70- to 150-year period, would increase global
The greatest threat to fossil fuels' market  average temperatures, other things being the
share in the 21st century comes not from same.2 1 4 Consensus evaporates, however, on
competing energies but from politicians and  the magnitude, distribution, and timing of
special interests professing concern about  warming and how much other emissions,
anthropogenic global warming. Accelerating  such as man-made sulfate aerosols or even
accumulation of CO (the chief industrial  conventional urban smog, might offset the
2
greenhouse gas) in the atmosphere is primar-  potential warming.2 1 5
ily the result of fossil-fuel consumption.
The controversy also extends to public
Fossil fuels, however, cannot be "reformulat-  policy. If harmful climate effects are possible,
ed"--nor their emissions "scrubbed"--to  are the costs of mitigation greater than those
remove CO . Mark Mills explains:
of a strategy of unabated economic develop-
2
ment and social adaptation (a wealth-is-
Carbon dioxide emissions are the
health approach)? If a mitigation strategy is
intended outcome of oxidizing the
followed, is the least cost strategy to trans-
carbon in the fuel to obtain energy.
form the energy economy to reduce carbon
There is thus no avoiding, or cleaning
sources or to substitute geoengineering tech-
up, carbon from the fuel source. This
niques, such as tree planting and seeding the
perhaps obvious, but oft ignored,
ocean with iron to increase carbon sinks? A
reality highlights the reason that
political question is the role of the United
restraints on carbon dioxide emis-
States in such efforts. While the United
sions are, by definition, restraints on
States is the leading emitter of greenhouse
the use of energy for society. There are
gases in the world, America vitally con-
thus only three ways to [significantly]
tributes to a robust carbon cycle. A recent
reduce carbon emissions: regulate
study found that North America is a net car-
C O2, raise the price of carbon fuels to
bon sink,2 1 6 which in the parlance of the cli-
discourage use, or offer non-carbon
mate change debate would make America
alternatives.2 1 1
and Canada a net "global cooling region."
Declining Estimates of Future Warming
For most of its scientific history CO has
2
The warming estimates, made by general
been considered an environmental tonic,
circulation climate models, of increased
enhancing photosynthesis to increase plant
anthropogenic greenhouse gas concentra-
biomass and agricultural yields.2 1 2 Carbon
tions in the atmosphere have declined in the
dioxide and other heat-trapping gases were
last 5 to 10 years. Whereas the estimate of
also credited with warming the earth to make
warming from a doubling of CO in the
it habitable--the incontrovertible "green-
2
atmosphere was often around 4°C in the
house effect" theorem. Carbon dioxide has
1980s models, estimates from newer models,
never been considered a pollutant that affects
such as the latest iteration at the National
human health like particulate matter, lead,
Center for Atmospheric Research in Boulder,
carbon monoxide, volatile organic com-
Colorado, are closer to 2°C.2 1 7The latest "best
pounds, or NO --all regulated by the EPA.
x
Atmospheric levels of CO have increased
guess" Intergovernmental Panel on Climate
2
34