🛢💸 The real deal about Carbon Pricing: Difference between revisions

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 ==1. What is carbon pricing and what concepts stand behind it?==
-====“<i>Everything has a cost, but not everything is paid.</i>”====
+<u><i>Everything has a cost, but not everything is paid.</i>”</u>
 Because carbon is the atmospheric greenhouse gas that has the overall biggest impact on global warming<ref>Atmospheric CO2 is not the most impactful gas per ton in the air: methane, among others, has a global warming potential 84 times greater than CO2 for 20 years, but methane lowest concentration in the Earth’s atmosphere makes it contribute less to global warming (4-9% contribution). “Greenhouse gas”, Wikipedia Page, 2020.
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 ==2. What are the flaws of carbon pricing?==
-====“<i>There are better ways of tackling climate change than by privatising the Earth's carbon-cycling capacity.</i>” (Larry Lohmann, 2006)====
+<u>“<i>There are better ways of tackling climate change than by privatising the Earth's carbon-cycling capacity.</i>” (Larry Lohmann, 2006)</u>
 ===Emissions Trading Schemes:===
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 ==3. What are the concrete effects of carbon pricing on climate?==
-====“<i>Prove that Paris was more than paper promises.</i>”====
+<u>“<i>Prove that Paris was more than paper promises.</i>”</u>
 Global emissions are still increasing worldwide, from 35,21BtCO2 in 2013 to 36,15BtCO2 in 2017. Emissions tend to evolve towards stabilization, but the world is definitely not on-track to meet its agreed target of limiting global warming to 2°C. Under current policies, expected warming will be in te range of 3,1-3,7°C.<ref>Hannah Ritchie and Max Roser, <i>CO2 and Greenhouse Gas Emissions</i>, Our World in Data, 2019.
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 source: https://redd-monitor.org/2020/01/25/greta-thunberg-we-are-not-telling-you-to-offset-your-emissions/</ref>
-====To conclude, the assumption that economic growth is always correlated to a minimum of CO2 emissions growth lays at the heart of carbon pricing, since it was never hidden that its goal is to mitigate climate change with the least negative effects on global markets. It seems obvious for European Commission to compare Europe’s reductions (-23%) with its economic growth (+61%); to show what “tour de force” it accomplished.<ref>EU Commission website, Progress made in cutting emissions, 2019.
+==To conclude==
+The assumption that economic growth is always correlated to a minimum of CO2 emissions growth lays at the heart of carbon pricing, since it was never hidden that its goal is to mitigate climate change with the least negative effects on global markets. It seems obvious for European Commission to compare Europe’s reductions (-23%) with its economic growth (+61%); to show what “tour de force” it accomplished.<ref>EU Commission website, Progress made in cutting emissions, 2019.
 source: https://ec.europa.eu/clima/policies/strategies/progress_en</ref> Accordingly, studies diverge about the effects of 2008-2009 global financial crisis (loss of economic growth) on carbon emissions. On one hand, emissions decrease in the US were believed to be caused by gas energy transition, but are suspected to be caused by the crisis.<ref>Climate Central Website, <i>Recession caused U.S. emissions drop, study says</i>, Bobby Magill, 2015.
 source 1: https://www.climatecentral.org/news/recession-caused-us-emissions-drop-19272
 source 2: https://www.nature.com/articles/ncomms8714</ref> On the other hand, global emissions might have grown faster worldwide following the crisis.<ref>Independent UK website, <i>Recession did not lower CO2 emissions</i>, Steve Connor, 2011.
 source 1: https://www.independent.co.uk/environment/climate-change/recession-did-not-lower-c02-emissions-6272333.html
-source 2: https://www.nature.com/articles/nclimate1332</ref> Glen P. Peters, a Norwegian scientist who participated to the later study, considers that in some ways the financial crisis was a missed opportunity to curb future emissions worldwide… A potential next question to open the scope of this carbon pricing series will be: “Will the 2020 economic crisis, that arise from the disastrous COVID19 virus, eventually put some governments on good tracks to Paris pledges, or is it a short minor break on carbon emissions?”====
+source 2: https://www.nature.com/articles/nclimate1332</ref> Glen P. Peters, a Norwegian scientist who participated to the later study, considers that in some ways the financial crisis was a missed opportunity to curb future emissions worldwide… A potential next question to open the scope of this carbon pricing series will be: “Will the 2020 economic crisis, that arise from the disastrous COVID19 virus, eventually put some governments on good tracks to Paris pledges, or is it a short minor break on carbon emissions?”
 == notes ==