Globally, in 2023, governments spent US$ 1.8 trillion to reduce CO2 emissions. But, despite considerable efforts to reduce the use of fossil fuels between 1999 and 2021, fossil fuels still provided 81% of total global energy used. And, fossil fuel use is expected to increase over the next 30 years.
In 2023, Climate Change Economics analyzed the cost of eliminating global CO2 emitted by fossil fuels by 2050. The estimated costs ranged from $10 trillion to $43 trillion. And, each dollar in costs produced about 16 cents of climate benefits . . . an enormous waste of money.
To replace remaining fossil fuelled (mainly natural gas) electricity generating facilities, in Ontario, Canada, alone, will require doubling present capacity to about 300 terawatt.hours (TWh) in 2050. This means Ontario will have to build about 68,000 MW of additional generating capacity.
The estimated cost to build an 800 megawatt nuclear power plant ranges from $14 billion to $30 billion. So, 85 nuclear power plants will be needed at a cost of at least $1200 billion, mainly to power electric vehicles.
This does not include the necessary additional transmission and distribution networks (power lines and high voltage transformers) at a cost of up to $50 billion.
In 2022, hydroelectric systems had an average installation cost of approximately $2.3 billion but they may cost up to $16 billion (depending on the dam size and structure) assuming that suitable sites are still available.
However, Canada produces a mere 1.6% of global CO2 emissions, so these costs will have a negligible effect on the climate.
And, a warmer climate would benefit Canada's economy by reducing heating costs and the amount of snow that has to be removed from roads and highways in winter. A warmer climate and more CO2 would also increase crop yields.
A more intelligent approach would substantially increase the export of liquified natural gas (LNG) to countries, like China and India, which burn coal to generate electricity. LNG produces half the amount of CO2 per KWh compared to coal.
India depends on coal for 72% of electrical power and 63% of China's electricity is generated using coal. (China is the world's largest emitter of CO2 at 30% and is building two, new coal-fired, electricity generating stations each week).
Meanwhile, by 2019, the USA had eliminated more than 800 million tons (Mt) from its annual CO2 emissions, while Europe removed 700 Mt, by retro-fitting coal fired electric generating stations to burn natural gas.
Curiously, while Canada reduced CO2 emissions by 8 Mt by substituting natural gas for coal, the Canadian government effectively refuses to export Canada's plentiful natural gas to allies like Germany, Greece and Japan who are anxious to replace coal fired, electricity generators.
Canada could substantially reduce global CO2 emissions simply by supplying China and India with liquified natural gas (LNG).
Windmills and solar cells are not the best solution because they provide electricity only when the sun shines and the wind blows; and battery back-up is not only expensive but it must be replaced every 15 years or so. Disposal costs, of solar cells and worn-out windmills, alone double the cost of electricity.
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