Tag Archives: Ross Garnaut

A turnaround of historic dimension and global importance

0829 Sooner Solutions logo email and webThis has nothing to do with Medical Equipment Finance or Finance in general, but it is certainly worthy of comment.  Announcements this week from the U.S. and China about reducing carbon emissions mark the beginning of the end for coal.  Obama’s new policy to cut carbon emissions by coal-fired power plants is a welcome, although belated, show of leadership on global climate change.

He now needs to finally mandate that all new federal government vehicles will be powered by natural gas, which will not only reduce our dependence on OPEC oil, but will also take advantage of an abundant and relatively cheap American resource.  More benefits include underpinning an emerging industry of gas-powered vehicles and a reduction in air pollution.

According to Angus Grigg and John Kehoe in today’s Financial Review, the Chinese announcements have more to do with public opinion about worsening air quality, and the Communist Party’s belief that pollution is the biggest threat to its “monopoly on power”.  The article also includes Ross Garnaut’s suggestion that China’s appetite for coal has peaked and could fall by 10% by 2020, after growing by nearly 13% annually from 2000 to 2011.  This is what he describes as ”a turnaround of historic dimension and global importance.”