Eric Worrall writes: A new study published in Nature has revealed that switching to cheap Natural Gas will not reduce CO2 significantly, because all that cheap energy will stimulate the economy so much that we will all use more energy.
According to the abstract;
“The most important energy development of the past decade has been the wide deployment of hydraulic fracturing technologies that enable the production of previously uneconomic shale gas resources in North America1. If these advanced gas production technologies were to be deployed globally, the energy market could see a large influx of economically competitive unconventional gas resources. The climate implications of such abundant natural gas have been hotly debated. Some researchers have observed that abundant natural gas substituting for coal could reduce carbon dioxide (CO2) emissions. Others have reported that the non-CO2 greenhouse gas emissions associated with shale gas production make its lifecycle emissions higher than those of coal. Assessment of the full impact of abundant gas on climate change requires an integrated approach to the global energy–economy–climate systems, but the literature has been limited in either its geographic scope9, 10 or its coverage of greenhouse gases. Here we show that market-driven increases in global supplies of unconventional natural gas do not discernibly reduce the trajectory of greenhouse gas emissions or climate forcing. Our results, based on simulations from five state-of-the-art integrated assessment models of energy–economy–climate systems independently forced by an abundant gas scenario, project large additional natural gas consumption of up to +170 per cent by 2050.
The impact on CO2 emissions, however, is found to be much smaller (from −2 per cent to +11 per cent), and a majority of the models reported a small increase in climate forcing (from −0.3 per cent to +7 per cent) associated with the increased use of abundant gas. Our results show that although market penetration of globally abundant gas may substantially change the future energy system, it is not necessarily an effective substitute for climate change mitigation policy.”
Some people might be concerned that we are passing up an opportunity if we follow the advice of the study, but we don’t really need cheap energy to help grow the economy. After all, if the economy sags, our politicians can stimulate the economy by printing new money.