Here’s the idea: it’s time to help China master fracking safely.
We have been thinking about an idea in the opinion pages of the New York Times to tackle one of the great challenges of our times: cutting carbon emissions to slow down climate change. It would result in the single largest reduction of CO2 emissions globally of any feasible idea out there. But there are a couple of hitches. Let’s explain.
Here’s the idea: it’s time to help China master fracking safely.
By now it’s clear that fracking (the process of extracting shale gas) has dramatically lowered America’s CO2 emissions. According to the U.S. Energy Information Administration, in 2006, a fifth of our electricity came from natural gas, while almost 50 percent came from coal. By 2012, natural gas had increased its share to 30 percent of our electricity. Coal’s share dropped to 37 percent. The change was because of fracking: over that same period, shale gas production grew 800 percent.
The reason this shift is important is that coal is the world’s dirtiest source of energy – both in its emissions of CO2 and particle pollutants. Thanks in large part to our reduced dependency on coal, U.S. CO2 emissions hit an 18-year low in 2012. U.S. emissions fell over the last five years by more than all of Europe’s did. So – and this is the first hitch – environmentalists have to understand that, whatever the fantasies, natural gas is in reality producing a dramatic reduction in carbon emissions.
But now the second hitch. Why is it a good idea to help what some consider our greatest rival catch up with us? Why should we help China copy our winning formula?
The answer is simple: it’s a win-win scenario.
In the past two decades, despite global investments in clean energy, the International Energy Agency says that net-net, the world’s energy consumption has gotten cleaner by only 1 percent. We’ve essentially made no progress. Why? Well in large part, it is because of the means by which China is powering its super-fast growth. IEA data shows that if you exclude China, global consumption of coal has increased only slightly in the past decade. China, by comparison, has more than doubled its consumption. It now burns nearly as much coal as the rest of the world, combined. And it won’t stop there. Every week, it opens new coal plants, leading to increasingly polluted and hazardous air. This, of course, is not just China’s problem…but the whole world’s problem.
As it turns out, we’re not the only ones sitting on top of a shale gold mine: China actually has shale gas reserves that are nearly 50 percent larger than ours.
The Latest Bing News on:
Fracking in China
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- New technology helps US shale oil industry start to rebuild well productivityon April 24, 2024 at 3:18 am
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- China building world’s largest fracking vesselon April 14, 2024 at 7:40 pm
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- Press & Sun Letters: CO2 fracking, faulty investments, citizenshipon April 4, 2024 at 10:27 pm
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- Frackingon November 21, 2023 at 4:00 pm
Fracking was banned at the site at Preston New Road near Blackpool after concerning tremors in 2019. Fracking was banned at the site at Preston New Road near Blackpool after tremors in 2019.
- Environmental groups call for ban on water for fracking in Mexicoon November 14, 2023 at 4:00 pm
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The Latest Google Headlines on:
Fracking in China
[google_news title=”” keyword=”fracking in China” num_posts=”10″ blurb_length=”0″ show_thumb=”left”]
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Fracking
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"I wanted to provide oilfield workers with a faster and easier means of removing damaged packing on the fluid end," said an inventor, from Andrews, Texas, "so I invented the SERVYS U. S. A REMOVABLE ...
- Covia Investors’ $6 Million Deal Over Fracking Sand Completeon May 9, 2024 at 2:38 pm
Covia Holdings Corp. investors’ agreement to settle their claims against the bankrupt fracking sand producer’s former CEO for $6 million received final approval from a federal court Thursday.
- Health-care advocates call on New Brunswick to ban frackingon May 9, 2024 at 1:11 pm
A group of health-care professionals is warning evidence from a national study shows shale gas extraction is a risk to human health.
- Shareholders Pressure Barclays to Pull Back on Financing for Frackingon May 9, 2024 at 10:04 am
The bank recently updated its climate policy, but activist investors weren’t entirely satisfied.
- Barclays Defends Fracking Finance, Citing Energy Transition Needson May 9, 2024 at 8:00 am
Barclays defended its climate record at its annual meeting, facing criticism from investors and campaigners over its financing of fossil fuels.
- Barclays Under Investor Pressure to Halt Financing for Frackingon May 8, 2024 at 10:53 pm
A group of 24 institutional investors with a combined $1.2 trillion of assets wants Barclays Plc to stop financing fracking, and argued a recent pledge by the British bank to restrict financing for ...
- Barclays under fire from shareholders on fracking fundingon May 8, 2024 at 10:00 pm
Barclays has come under fire from its shareholders, including the Local Authority Pension Fund Forum (LAPFF), for providing financial support to fracking companies.
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The board of supervisors in Cecil Township is trying to decide whether to install some new rules around fracking wells.
- Bacteriophages could revolutionize fracking wastewater treatmenton May 7, 2024 at 4:35 pm
New research shows bacteriophages can target specific bacteria in fracking wastewater, offering an efficient treatment solution.
- Fracking Sand Buy Write On Atlas Energy Solutions Offers 42% Annualized Return Potentialon May 7, 2024 at 8:54 am
If we earn the $0.22 per share divdiend next week, and if AESI closes above $22.50 at expiration on June 21, we would be assigned and earn $1.12 per share on $21.60 per share at risk, or 5.19%. Over a ...
The Latest Google Headlines on:
Fracking
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