Environmental Problems, Their Causes, and Sustainability 1

Figure 21-18 Solutions:methods for removingcarbon dioxide from theatmosphere or fromsmokestacks and storing(sequestering) it in plants,soil, deep undergroundreservoirs, and the deepocean.Oil rigTanker deliversCO 2 from plantto rigCoal powerplantTree plantationCO 2 is pumpeddown from rig fordeep ocean disposalAbandonedoil fieldSwitchgrassCrop fieldCO 2 is pumped down to reservoirthrough abandoned oil fieldSpent oil reservoir isused for CO 2 depositcarbon-sequestration,and more sustainableagriculture technologiesto developingcountries. Increasingthe current tax on eachinternational currencytransaction by a quarterof a penny could financethis technology transfer, which would then generatewealth for developing countries.= CO 2 pumping= CO 2 depositHow Can We Use the Marketplaceto Reduce or Prevent Greenhouse GasEmissions? Emissions TradingEstablishing a global emissions trading programcould help reduce greenhouse gas emissions.An economic approach to slow global warming is toagree to global and national limits on greenhouse gasemissions and encourage industries and countries tomeet these limits by selling and trading greenhouse gasemission permits in the marketplace. This approachstimulates companies to develop new technologies toreduce greenhouse gas emissions and increase profits.In the United States, this market approach has beenused to reduce SO 2 emissions ahead of target goals at afraction of the projected cost (p. 453).In a greenhouse gas emissions trading program,industries and countries could earn greenhouse gasemission credits by improving energy efficiency,switching from coal to natural gas, and adopting certainfarming, ranching, and soil-building and conservationpractices. Credits could also be earned byswitching from coal and other fossil fuels to forms ofcarbon-free renewable energy such as solar, wind, hydrogen,and geothermal. For example, a coal-burningpower plant in Illinois could earn emission credits bybuilding a wind farm in Oregon.In addition, credits could be earned by sequesteringCO 2 from the atmosphere by reforestation or by injectingit into the deep ocean or secure undergroundreservoirs (Figure 21-18). For example, a coal-burningpower plant in Ohio might earn credits by financing aCO 2 -removing reforestation project in Costa Rica.Companies or countries that manage to producefewer emissions than their permits allowed could sellsome of their credits to other participants. As a result,participants that devise innovative ways to reducegreenhouse gas production are rewarded by increasedprofit. And participants that produce excess amountsof greenhouse gas face increased costs because they arefined or have to buy extra permits from participantswho have earned credits by reducing their emissions.Some analysts believe this market-based approachis more politically and economically feasible than relyingprimarily on government regulation to impose480 CHAPTER 21 Climate Change and Ozone Loss