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Session 9 fossil energy part ii

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Session 9 fossil energy part ii

  1. 1. Session 9 - Fossil Fuels II • • • • • Mitigating Environmental Impacts Economic Solutions to Emissions Costs of Fossil Fuel Electrical Generation Emerging Technologies Importance of Fossil Fuels to Achieving Sustainability
  2. 2. Mitigating Environmental Impacts of Fossil Fuel Combustion • Before, during, after combustion • During combustion, optimally manage: – Fuel and Oxidant Properties – Stoichiometry (proper reactant ratios) – The Three T’s Each has engineering and economic limits For CO2: MITIGATE Geoengineering REMOVE REDUCE Improved efficiency •Supply side •Demand side Fuel Switching •Higher H/C •Nuclear •Renewables Capture •Sequestration •Capture and/or use Biological Sequestration Ocean Fertilization
  3. 3. Mitigating Environmental Impacts of Fossil Fuel Combustion • Geoengineering is quite interesting: – Can we controllably alter the reflectivity of the earth to compensate for CO2-based emissivity changes? – A less-than-1% change in either reflectivity or emissivity of Earth produces a 1 deg K change in average surface temperature (in equilibrium state) – very sensitive!
  4. 4. Economic Solutions to Carbon Dioxide Emissions • Carbon Tax • Cap and Trade • Chicago Climate Exchange – Marketplace for trading on 6 GHGs – Members: 15% of stationary GHG sources; 20% of power sector – Activity: 22.9 million MT in 2007 vs. 1 billion MT for European Climate Exchange Source: Chicago Climate Exchange, December 2007 News
  5. 5. Economic Solutions to Carbon Dioxide Emissions Comparison of Alternatives Carbon Tax • • • • Cap and Trade Favored by economists • Favored by Congress (profits through manipulation) Taxed at wholesale level • Favored by IPPs, Utilities Gives price certainty • Favored by Environmentalists Predictable gov’t income (provides firm emission limits) • Has a working precedent (i.e., SO2 cap/trade for electrics) • Multi-sector
  6. 6. Economic Solutions to Carbon Dioxide Emissions Track Record of SO2 Cap/Trade Initiative • When enacted in 1990: – Goal: By 2010, reduce to 8.98 million tons From 1980’s level of 17.5 million tons • Today (2007): – Emissions at 10.5 million tons – On track for 2010 goal • By 2010: – Will cost industry and customers $3 billion – Estimated societal benefits of $100 billion (primarily health related)
  7. 7. Economic Solutions to Carbon Dioxide Emissions Track Record of SO2 Cap/Trade Initiative • When enacted in 1990: – Goal: By 2010, reduce to 8.98 million tons From 1980’s level of 17.5 million tons • Today (2007): – Emissions at 10.5 million tons – On track for 2010 goal • By 2010: – Will cost industry and customers $3 billion – Estimated societal benefits of $100 billion (primarily health related)

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