While AGW remains something of a controversy, it seems to be turning into a ‘controversy’ like Creationism or UFOs- sure, there’s two sides if you ask enough people, but the people who know what they’re talking about tend to collect on one side of the debate. So let’s not spend the thread arguing that one, there will be another thread about it soon enough.
Here I’m asking about the implications of ‘the carbon budget’. A few months ago I read some articles citing Al Gore on this topic, but being the internet, the commentary consisted mostly of, “Al Gore, what a commie! He hates oil! He can’t be trusted! He’s a hypocrite!!!” and so on, ad nauseum (look at the comments section here. I just backed away slowly…)
Well, lately I’ve been seeing some Al Gore-free articles about The Carbon Budget. Here is one, here’s the gist:
The conclusion is that 80% of today’s proven fossil fuel reserves can never be burned if we want to keep global warming within a manageable range. Among other things, this means a $27 trillion write-off for the world’s energy companies, state owned or no. For Al Gore it meant “avoid oil stocks”.
For other sources, well, it gets a little breathless:
and concludes with this:
Again, I don’t doubt the progress of AGW, but OTOH I don’t know what to think of analyses that go on about ‘the fate of civilization’. The notion of not burning all known reserves makes sense, but, well, it also makes sense that most of that energy would have to be made up by other sources and the $27 trillion write-off would be assumed by the rising value of the industries that replace the fossil fuel industry.
Of course, ‘replacing the fossil fuel industry’ is no simple thing, maybe not possible at all to the degree ‘required’ by 2050. So, what are the true consequences of this predicament? Does Venezuela turn into a banana republic? Do oil companies around the world drag down the markets and spark a new global recession? Will the world just shrug and charge headlong into a ruinous, climate altered future? Or is the $27 trillion write off something that makes accountants panic but isn’t really going to effect everyone else’s world?