Economics of Oil, Gas and Energy

Increasing the surface temperature of earth is one of the serious threats the global economy is facing. Issue of rising surface temperature of earth or otherwise called global warming should be treated separately and must be considered on a different perspective because of the intensity of its consequences. The effect of global warming, or ‘greenhouse effect, as it is popularly called, are long term and largely irreversible. Carbon dioxide, methane, CFCs and nitrous oxide act like a greenhouse, warming the earth’s surface. Hence the term “greenhouse effect”. In a greenhouse the enclosing glass panels allows the passage of incoming sun light, but traps a portion of the reflected infrared radiation, which warm the interior of the greenhouse. The greenhouse gases like carbon dioxide, methane, CFCs and nitrous oxide play a similar role, keeping the earth warm and making it habitable (Enger D. 2008). In the absence of such greenhouse gases, the earth surface would be 300C cooler than it is today, making human life impossible. Consequences of global climate change resulted from global warming issues are severe and largely irreversible. It is estimated that if the concentration of green house increase the surface temperature of the earth would increase by as much as 1.5 -4.5 centigrade Celsius. But this may seem negligible but if the temperature grows at this rate human and animal inhabitation will become difficult.

Increase in surface temperature of earth will bring rise in the sea level and some part of the world will be submerged in water because of melting of polar and glacier ice. The first negative impact of global warming will be felt by coastal wetlands and low lying island nations in the form of increased and continuous floods (Purdom, Walton P. and Stanley M. 1983). Various studies undertaken world over suggests that one by fifth of Bangladesh could be under water by the year 2050. Studies also suggest that increase in the sea level will make many people homeless. The worst impact of global environment issues will be on agriculture and horticulture. Global warming will reduce soil moisture and reduce the agricultural productivity. Global warming reduces the rainfall and that will negatively impact various crops that depend on rainfall. Altered rainfall is the most unpredictable and deleterious effect of greenhouse related climate change on agriculture. Since with higher global temperature more water will be evaporated from the oceans, average rain fall worldwide is bound to increase (Enger D. 2008). More rapid the climate change is, more severe will be the pressure towards extinction and more serious will be assault on ecosystem.

Role

I will take the role of an environmental expert who suggest various ways to control and reduce environmental issues.

I suggest various ways a human can reverse the trend of environmental degradation. This suggestion includes the following:

· Three specific actions that humans can take to minimize our impact on the ecosystem and ensure the survival human and other creatures:

· Reduce cutting down of trees. Reduce the activities that contribute to the pollution of air, water and soil and by protecting from pollutants and contaminates.

· Avoid using pesticides if at all possible.

· Plant trees and shrubbery in order to help replace those being cut down.

Brief description of arguments:

The consequence of global warming indicates that both developed and developing nations have good reason to worry about global warming. Cooperation at global level is the need of the hour to address the global environmental problems. Reposes to the global environmental issues can be analyzed as technical response and policy response.

Responses that attempts to reduce greenhouse gas emission and improving the carbon absorbing capacity of the earth is called technical response.

The following call for reducing greenhouse gas emission

1. Improving the efficiency of energy use.

2. Use of low or no carbon fuels.

3. Use of alternative to CFC in air conditioners and refrigerators.

A multi-pronged approach, bringing country’s emission standards in line with those of other developed countries, would have multiple benefits. First of all, it would force companies to produce cleaner engines. Second, government of various countries could signal its seriousness by imposing higher taxes on coal and diesel while offering incentive for CNG, hybrid and electrical car. Third, it could order a halt to chaotic urbanization and create a public transport system that relies on cleaner fuel.

Suggested ways to reduce CO2 emission are:

1. Carbon Tax

2. TDP or transferable discharge permit

Sources to be utilized for final project are:

www.altenergy.org

www.iea.org

www.unep.org