Since 2005, the United States has embarked on a steady expansion of renewable fuels such as ethanol and biodiesel, widely touted as a win-win proposition for energy security and the environment. However, the promised breakthroughs in biofuel technology have greatly lagged the rapid ramp-up of production mandated by Congress while adverse side effects of the policy have become ever more clear.
The New York Times posted an article today entitled Industry Awakens to the Threat of Climate Change, describing how Coke, Nike, the World Bank and even the tycoons in Davos are looking at the physical impacts of climate change as a business risk with real dollars attached to them in the form of lost resources.
Based on results from his recent study, the Energy Institute’s John DeCicco has authored an article for Yale’s Environment 360 blog. This thought-provoking piece opens:
Every U.S. president since Ronald Reagan has backed programs to develop alternative transportation fuels. But there are better ways to foster energy independence and reduce greenhouse gas emissions than using subsidies and mandates to promote politically favored fuels.