Energy Future Coalition

The climate is changing.  Experts agree that we have only a small window of time to act to prevent the most dangerous types of climate change.  It is clear that without altering the way we use energy, the magnitude of the problem will only increase. Change on this scale is certainly difficult, and will require new vision and innovation-but what is the cost of not changing our habits?

The Stern Review on the Economics of Climate Change offered one answer to this question, finding that not addressing climate change could cost us at least 5% of GDP, or as much as 20% of GDP annually. The price of acting now, in comparison, would be only 1% of GDP annually. Because of the long-term nature of investments that lie at the heart of climate change (power, buildings, transportation), the actions we take in the next 10-20 years will be critical.

The economic challenge of meeting this goal will be great, but the opportunities will be even greater. Meeting this challenge does not mean sitting in the dark while shivering in a sweater; in fact, clean technologies represent a rapidly growing domestic industry worth billions. But, the longer we wait to make this fundamental shift in our economy, the greater the costs become, and the less will be the economic benefits of a new carbon-constrained economy.

We must begin acting today.

Preventing climate change is, at its core, an energy challenge. Globally, fossil fuel production and consumption accounts for approximately 75 percent of the emissions that thicken the Earth's atmospheric blanket of carbon dioxide and trap more heat. In the United States, fossil fuels contribute an even larger share of CO₂ emissions at 85 percent. The sources of emissions from fossil fuels in the U.S. are oil (44%), coal (36%), and natural gas (20%).

Of all the threats to the world's people, economy, and environment, unmitigated climate change looms largest. There is very strong consensus in the scientific community that we are irreversibly altering our climate. The responsible course in the face of risks this large is to start mitigating and planning for climate change now. Increased energy efficiency and increased use of renewable energy are tools to reduce carbon emissions that are readily available today and are competitive or nearly competitive with conventional fossil fuels. Technologies for capturing carbon dioxide emissions from power plants and pumping them into long-term storage underground offer another promising option.

The need to transform the world's energy systems is a daunting challenge, but it is also an enormous business opportunity.  Wind and bioenergy can offer new sources of revenue to rural communities.  Advanced vehicle engineering can revitalize the American automobile industry.  The off-the-grid advantage of solar panels makes them well-suited for remote villages that desperately need modern energy services.  Combating climate change provides opportunities to move to cleaner, more secure forms of energy.  The world deserves this kind of change.