The Only Hope

Literally every day now, new evidence and testimony arrives to warn of the accumulating perils of the Climate Crisis. To avert the worst of these effects, there are two necessary efforts: reducing severely the amount of greenhouse gas pollution lofting into the atmosphere, and increasing the proportion of clean energy generation. These are interelated not just environmentally and in terms of energy production, but economically.

Carbon reduction and clean energy are the best hopes for the future of human civilization going forward from this point in its development, and life on the planet as we know it. Now it looks as if it is also the best hope in the present for the world economy.

Paul Krugman notes this, as he suggests the world has at least temporarily averted economic catastrophe. But since this is a global Great Recession affecting most national and regional economies within the deeply interrelated global economy, there is no way for an ultimate recovery through national advantages. As Krugman says, we can't all export our way to prosperity, for we know of no other planet to trade with. The only answer is massive new economic activity, spurred by new technological developments. And the only viable candidate is clean energy technology.

But incentive to develop clean energy economies depends on a new economic playing field that no longer provides advantage to the temporarily and artificially cheaper dirty energy. That means carbon caps. The Reuters report on Krugman's comments continues:

Global recovery could come about through more investment by major corporations, the emergence of a major technological innovation to match the IT revolution of the 1990s or government moves on climate change. "Legislation that will establish a cap-and-trade system for greenhouse gases' emissions is moving forward," he said, referring to the U.S. Congress.

"When the Europeans probably follow suit, and the Japanese, and negotiations begin with developing countries to work them into the system, that will provide enormous incentive for businesses to start investing and prepare for the new regime on emissions... But that's a hope, that's not a certainty."

The potential payoff is tremendous. A world business summit organized to examine cap and trade plans worldwide estimates that the U.S. alone would gain 2 million jobs generating a quarter of its electric power from renewables.

Global business leaders, political and environmental leaders in various nations including the U.S., are all arguing about the hows of carbon caps, and the how much by when. But at least the direction of hope is becoming clearer, and there is a sense of urgency. As environmental officials from 15 nations including the U.S. and China meet to discuss all this in Paris, there is one agreement so far:

"No one contests the urgency of the problem," French Environment Minister Jean-Louis Borloo said. "No one contests the probably irreversible character of the problem."