Can we stop Global
Warming? Many people believe that despite the Kyoto agreement, we
are not moving fast enough to cut our dependence on fossil
Andrew Oswald, Professor of Economics at the University of
Warwick, has come up with his own radical proposal to create
incentives that will make us change our behaviour faster.
He suggests that governments should issue “Global Warming
Bonds”, to compensate individuals, companies and countries
who cut fossil fuel emissions. The idea is that the bonds would
start to pay out around the year 2045 and would be paid for by our
grandchildren through taxation.
His paper focuses particularly on transport, which is
responsible for a third of all energy consumption in the UK today.
He calculates that to supply enough renewable energy just for our
current transport needs, would require a ring of wind farms ten
kilometres deep all around the coastline of Britain.
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