Markets promote efficiency and drive out waste…
Except when they don’t.
A glaring example of market failure in the U.S. economy is the energy wasted in buildings. When the Empire State Building renovated its heating and cooling system, upgraded its lighting and installed new windows, the owners cut their energy bills by 40%. Think about it—a 40% cost savings. That’s big.
Today, at an event called Business Climate 2011 in New York, a group of cities and companies and a nonprofit called the Carbon War Room announced a plan to curb wasted energy and unecessary pollution—importantly, at no taxpayer cost.
Jigar Shah of the Carbon War Room, which put the group together, said this is a very big deal. “I think this is the most important climate announcement in the last five years,” he said.
“Building retrofits have been a colossal failure,” Jigar said, and that’s about to change. [click to continue…]
Look around you–the furniture in your office or house, the electronics, the clothes you are wearing, mostly likely some of your dinner–chances are these things moved by boat. About 85% of worldwide cargo travels by ship, and so it’s no surprise that shipping is a major contributor to climate change.
According to Richard Branson’s new NGO, which is called the Carbon War Room, the global shipping fleet is the equivalent on the sixth most polluting country in the world:
Annual CO2e emissions currently exceed one billion tons and are projected to grow to 18% of all manmade CO2e emissions by 2050. Yet existing technology presents an opportunity for up to 75% gains in efficiency, with required investments repaid in just a few years.
Fixing shipping will take bold ideas — see the ship at left, which is equipped with a kite from a company called SkySails — and it will take simple ones, like slowing ships down a little, adopting the equivalent of a 55 mph limit on the open seas. (See this New York Times story, which is literally about a slow boat to China.) And it will require bringing shipping companies, customers, regulators and others to work together to attack the problem.
Opportunities like these interest the Carbon War Room, which says its focus is to harness the power of business to bring about market-driven solutions to climate change.
“We believe that climate change is the greatest challenge facing humankind,” says Jigar Shah, the CEO of the Carbon War Room. “And we need a war room-like effort to combat it.”
I spoke recently with Jigar at the NGO’s new offices in downtown Washington. [click to continue…]
