Low-carbon economy

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A low-carbon economy is a hypothetical future economy in which carbon dioxide emissions from the use of carbon based fuels are significantly reduced.^[1]

Such an economy is being envisaged by many states and organisations as a long-term necessity in order to mitigate the effects of global warming. It might also be hastened by future shortages of oil (Hubbert peak theory) and the associated increases in energy prices that are predicted by some,^[2] coupled with anticipated increases in energy demand as countries such as China and India continue their industrialization.^[3]^[4]

A low-carbon economy might be brought about through the use of energy conservation measures, and the substitution of renewable energy sources for fossil fuels. New technologies such as hydrogen power and fusion power may also be involved, while nuclear power and carbon capture and storage might play a role as bridging technologies.^[5]^[6] It is proposed that the the right to emit carbon dioxide would be a traded in carbon emissions trading schemes,^[7] and perhaps also be subject to carbon taxes.^[8]

For the foreseeable future, a low-carbon economy is not as economically efficient (cost-effective) as a high-carbon economy, pollution aside. However, technological improvements or increases in the costs of carbon fuels may change this efficiency ratio to favor a low-carbon economy.

1 Initial steps
2 See also
3 External links
4 References

[edit] Initial steps

Internationally, the most prominent early step in the direction of a low-carbon economy was the signing of the Kyoto Protocol, which came into force on February 16, 2005, under which most industrialised countries committed to reduce their carbon emissions.^[9]^[10] Importantly, all member nations of the Organisation for Economic Co-operation and Development except Australia and the United States have ratified the protocol.

In the United Kingdom, a draft Climate Change Bill outlining a framework for the transition to a low-carbon economy was published on March 13, 2007. This legislation would require a 60% cut in the UK's carbon emissions by 2050 (compared to 1990 levels), with an intermediate target of between 26% and 32% by 2020.^[11] If approved, the UK would likely become the first country to set such a long-range and significant carbon reduction target into law.^[12]