Reducing greenhouse gas emissions could boost the economy rather than slow it, according to a new study by the Global Commission on the Economy and Climate. Better Growth, Better Climate: The New Climate Economy Report finds that roughly $90 trillion will be spent in the next 15 years on new infrastructure around the world. Adopting rules that redirect that investment toward low-emissions options--more efficient use of resources and the building of connected and compact urban cities driven by public transportation--could make economic sense.
"A central insight of this report is that many of the policy and institutional reforms needed to revitalise growth and improve well-being over the next 15 years can also help reduce climate risk," the report authors said. "In most economies, there are a range of market, government and policy failures that can be corrected, as well as new technologies, business models and other options that countries at various stages of development can use to improve economic performance and climate outcomes together."
Taking action on climate change, the report authors said, is affordable.
"Of the $6 trillion we will spend a year on infrastructure, only a small amount--around $270 billion per year--is needed to accelerate the shift to a low-carbon economy, through clean energy, public transport systems and smarter land use," said Felipe Calderon, chairman of the Global Commission on the Economy and Climate. "And this additional investment could be entirely offset by operating savings, particularly through reduced fuel expenditures"
Studies Assess Impacts of Hydraulic Fracturing
A new study in the journal Proceedings of the National Academy of Sciences links water contamination from shale gas extraction in parts of Pennsylvania and Texas to well integrity rather than the hydraulic fracturing process. The research, which looked at 133 water wells with high levels of methane, found that the contamination was either naturally occurring or linked to faulty well construction by drillers.
"These results appear to rule out the possibility that methane has migrated up into drinking water aquifers because of horizontal drilling or hydraulic fracturing, as some people feared," said Avner Vengosh, study co-author and professor of geochemistry and water quality at Duke University. Researchers pointed, instead, to the cement used to seal the outside of vertical wells and the steel tubing used to line them as culprits.
"In all cases, it [the study] basically showed well integrity was the problem," said Thomas H. Darrah, co-author and Ohio State University researcher. "The good news is, improvements in well integrity can probably eliminate most of the environmental problems with gas leaks."
Another study on hydraulic fracturing in the Bulletin of Seismological Society of America found a connection between deep injections of wastewater from a coal-bed methane field and an increase in earthquakes in Colorado and New Mexico since 2001. The report, which focuses on the Raton Basin, suggested that the area had been "seismically quiet"--experiencing only one earthquake of greater than 3.8 magnitude--until shortly after major fluid injections began in 1999. Since 2001, the area has recorded 16 such events.
EPA Extends Comment Period for Power Plants
On Tuesday, the U.S. Environmental Protection Agency (EPA) extended the public comment period for its proposed rule for regulating carbon dioxide emissions from existing power plants by 45 days--to Dec. 1.
Janet McCabe, the EPA's acting assistant administrator for the Office of Air and Radiation, said the extension is due to stakeholders' great interest.
"While we've heard quite a bit so far, we know that there are many individuals and groups continuing to work to formulate their input," she said. "We want the best rule possible, and we want to give people every opportunity to give their ideas and contributions."
The delay, McCabe told reporters, would not affect the timeline for finalizing the rule by June 2015.
The same week, a government watchdog agency--the Government Accountability Office (GAO)--released a report suggesting coal plant retirements may be higher than previously thought. It predicted 13 percent of coal-fired generation would come offline by 2025--compared with its 2012 estimate of 2 percent to 12 percent.
The report suggested that existing regulations such as the EPA's Mercury and Air Toxics Standard and recently proposed regulations to reduce carbon dioxide emissions from existing generating units were contributors to the retirements. Low natural gas prices, increasing coal prices and low expected growth in demand for electricity were also cited as contributors.
The Climate Post offers a rundown of the week in climate and energy news. It is produced each Thursday by Duke University's Nicholas Institute for Environmental Policy Solutions.