A new economic study asked How Much Does Global Warming Cost?   Estimating the social cost of carbon — the economic damage done by one ton of carbon dioxide emissions —  the authors conclude that this could be much higher than governments have estimated.  Assuming that global warming is a reality, the study asks the opportunity cost questions:  How much should we spend to fix the problem? How much will it cost us if we don’t?   The US has estimated the economic damage per ton of CO2 to be US$21, or about 21 cents per gallon of gasoline.  Australia recently announced its proposed carbon tax will be AUS$23 per ton.  In “Climate Risks and Carbon Prices: Revising the Social Cost of Carbon,” economists Frank Ackerman of Tufts University and Elizabeth Stanton of the Stockholm Environmental Institute have found that the true cost of carbon is drastically higher and could be as much as $900 in 2010, rising to $1,500 in 2050.

Gas 2.0 reported that China is putting over 1000 electric sanitation trucks on the road in Beijing. The three models of trucks have a range of 62 to 87 miles on one charge.  Beijing joins Toronto, San Francisco and Paris in running garbage trucks with alternative fuels

Global Energy Watch reported that Mozambique has exported its first batch of biofuel produced from the jatropha plant for use by the German airliner Lufthansa.  The fuel is made from non-edible seeds from the drought resistant and fast growing plant on poor quality land.

CNBC reported that Venezuela has now passed Saudi Arabia as the OPEC country with the largest proven reserves of crude oil.  The South American country’s reserves are now at 296.5 billion barrels topping Saudi Arabia’s 264.5 billion barrels. Iran ranks third and Iraq fourth among OPEC nations.  Some analysts doubt the usefulness of Venezuela’s latest discoveries as they are an extra heavy crude that are uneconomic to develop.

 

Russia sees itself as the big winner with Germany’s recent announcement that it is phasing out nuclear power over the next decade.  Reuters quoted Kremiin sources as saying:  “Germany’s decision to close its nuclear industry by 2022 opens up new energy partnership opportunities … including increasing Russian natural gas deliveries using the capacity of the Nord Stream pipeline.”   The first phase of the Russia-to-Europe pipeline commences operation in September with a second phase planned for next year.  Most of the natural gas is headed for Germany.

The  Danish city of Fredericia is turning its household rubbish and wastewater into biofuel.  The waste will be converted into a storable and portable biofuel that can be used to run city buses and generators and provide heat for homes.

Renewable Energy Magazine told us that the US Department of Energy wants better wind forecasts to improve the efficiency of  that country’s electric grid system. Better forecasting will reduce the strain on the grid thereby making electricity less costly for consumers.  Small errors in wind forecasts can generate large errors in wind power output and create havoc for grid operators trying to balance supply and demand, particularly when there are multiple sources of supply and wind power cannot be stored.

The BBC reported that India has discovered one of the largest uranium reserves in the world.  Tummalapalle in Kadapa district could have reserves of 150,000 tonnes of uranium.  The find comes in handy for a country with a prodigious appetite for electricity.  India has plans to build 30 nuclear reactors over the next three decades and will source a quarter of its electricity from nuclear energy by 2050.  Currently some 600 million Indians do not have access to electricity.

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