Cutting CO2 emissions is a driving force behind the development of more fuel-efficient vehicles and cleaner-burning engines. Reduced CO2 is also a prime reason that vehicles such as hybrids and electrics have begun to capture sales across the globe. The global reduction of CO2 has been a focus of governments for quite some time now, but little progress has been made. Perhaps the lack of progress can be attributed to a lack of spending to address the problem.
As a new report published by the International Energy Agency (IEA) on the subscription-only ClimateWire website states, worldwide spending to reduce CO2 emissions is far too low to have any real impact. Here's what the reports suggests: spend money, lots of it... and then spend even more. How much coin needs to be dished out? Well, the IEA suggests that cutting CO2 emissions in half by 2050 will require spending in excess of $46 trillion. Yes, that's trillion with a T.
The reports goes on to suggest that the money should be invested into researching and developing cleaner technologies and reducing our dependency on stuff like crude oil and coal. Even more surprising than the $46 trillion number is the IEA's conclusion that after all this money is spent, the world will still be in the black by some $66 million, a profit that the IEA attributes to the use of cleaner technologies. Spend $46 trillion now, make $66 million in 40 years. Sounds like a plan.
[Source: Green Car Advisor]