Climate Change and the Transformation of World Energy Supply

Abstract

In December, world attention turned to Kyoto, Japan, where parties to the Framework Convention on Climate Change negotiated a protocol to reduce the greenhouse-gas emissions of the industrialized countries by 5 percent over the next ten to fifteen years. The agreement was attacked from both sides, with environmental groups claiming that deeper reductions are urgently needed, and opponents claiming that reductions are unnecessary and would curtail economic growth. Both groups are wrong. Immediate, deep reductions are neither necessary nor politically possible. We must, however, begin today to prepare for the inevitable reductions that lie ahead. Most especially, we must lay the foundation for a global transition, beginning in the next ten to twenty years, away from traditional fossil fuels.