“600% Gain in Carbon Prices Vital to Rein in Global Warming” – Watts Up With That?

Biden Restores the Obama “Social Cost of Carbon” – Watts Up With That?

Guest essay by Eric Worrall

h / t Dr. Willie Soon; Renewable energies are so cheap and convenient compared to fossil fuels and nuclear power that a brutal regime of carbon taxes is required to force people to switch to renewable energies.

600% more carbon prices, which are critical to global warming

By Stephen Stapczynski
March 4, 2021 10:00 GMT + 10 Updated March 4, 2021 12:28 GMT + 10

World governments need to significantly increase the cost of carbon dioxide emissions to keep global warming in check.

According to energy consultant Wood Mackenzie Ltd. carbon prices must rise to USD 160 per tonne of CO2 by 2030 to prevent global temperatures from rising above 1.5 degrees Celsius from pre-industrial levels, up from a global average of USD 22 at the end of last year, it said in a report Thursday.

The price of carbon permits recently rose to a record in Europe due to speculative buying and efforts by policymakers to cut emissions, but Asian nations have lagged. Japan is considering revising its carbon tax, one of the lowest in the world. In China, online carbon trading is slated to begin in late June.

Governments need carbon policies to get industries to adopt greener energy options like hydrogen, WoodMac said in the report. This can be achieved through CO2 prices, direct incentives or tax policies, according to the consulting firm.

Read more: https://www.bloomberg.com/news/articles/2021-03-04/a-600-gain-in-carbon-prices-vital-to-keep-global-warming-at-bay

What I do not understand is that earlier energy transition was quick and voluntary. For example, when cheaper and more convenient kerosene replaced whale oil after kerosene hit the market in the 1860s, the whaling industry collapsed in just over a decade when people flocked to the better option.

One day economists will solve the mystery of why renewables are having such an uphill battle to replace fossil fuels, despite repeated claims that renewable energy is the cheapest option.

Of course, it is hardly possible that people who claim that renewable energies are cheap do not consider all relevant factors. For example, when you factor in the cost of all of the additional infrastructure required to provide backup power in the event of a prolonged outage like the recent Texas ice storm, renewable energy appears to be very expensive indeed.

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