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Many countries worldwide, including Australia, are committing themselves to reducing their greenhouse gas emissions. Technologies that reduce emissions are going to be critical to addressing this challenge, but most scientists and economists agree there won’t be a single solution. There will be many, including renewable energy sources, such as solar and wind, and new fossil fuel solutions, such as carbon capture and storage.
Two Princeton University economists, Robert Socolow and Stephen Pacala, have proposed a practical solution to the global climate challenge. It will require significant new investments and a deep commitment to move away from “business as usual”. But the multifaceted response Socolow and Pacala recommend may have the greatest potential to stabilise CO2 emissions in coming decades.
The Wedges Approach demonstrates how an advanced economy can stabilise its CO2 emissions between now and 2050. The goal is to keep CO2 emissions levels at approximately 2005 levels, whilst maintaining economic growth.
Our goal is to build the world’s courage so that we can work on this problem together across nations, and over a couple of generations we will be able to bring the Earth into some greater balance. - Professor Rob Socolow
Many advocates of “the wedges approach” judge that it’s too soon to “pick winners” among the various wedge options. They also think that the best wedge for one country may not be the best for another. But virtually all agree that for the wedges approach to be effective, it’s critical that we act now. Learn more about what you can do.
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