Price of dumping CO 2 in atmosphere? Very low or ZERO
It doesn’t sound like much. IndexStatus Global CO 2 concentrationUp by 40% (@393 PPM) Global temperature Up by 0.7 ℃ Moisture contentUp by 5% Ocean acidityUp by 30% But consequences can be very expensive
Dry places get drier. Wet places get wetter Queensland Melbourne Sydney
Queensland: Once in a hundred-year flood in 2010 and 2011
Queensland flood (2010-2011) Damage: $5.6 billion $2.8 billion raised for flood relief by budget cuts $1 billion additional fund by delaying infrastructure projects Flood levy implemented (2011) for everyone who earns more than $50,000 per year Flood insurance or relief fund become mandatory for state government Burden on Society
Solution: Implement policies and measures to achieve carbon reduction.
Steady reduction in carbon emission need to be made
Delivery tools TypeExample Binding National reduction targetUK: 80% Carbon taxAustralia: $23 USD (2012-2013) Cap and Trade on large emittersCalifornia, Australia, EU Vehicle CO2 emission standardUS, EU Dedicated ministry Australia: Department of Climate Change and Energy Efficiency New Power plant emissions standardUK: 450g/kwh National CCSNone yet
Zero CO2 electricity future with Renewables, Nuclear power, and Clean fossil fuels 29 unabated use (grey) of fossil fuel must be gone
National level policies are important but not enough Emission unrelated to consumer choice Emission related to consumer choice
Benefits of carbon label - Help consumers make more conscious choice - Raise consumer awareness - Improve business management - Enhance business competitiveness - And more
Carbon label: An important complement to our incomplete price tag 95 kg CO2e105 kg CO2e170 kg CO2e $329$399$499
Carbon label: an important factor for b2b business as well 5 kg CO2e 12 kg CO2e 10 kg CO2e 9 kg CO2e
www.metoffice.gov.uk/climate-change It can get much worse if we don’t take action
“The transition to a low-carbon, inclusive green economy is happening far too slowly and the opportunity for meeting [scientific advice on emissions targets] is narrowing annually,” - Achim Steiner, executive director of UNEP. Change is happening but happening too slowly Carbon labeling can accelerate the transition.