Notes on the importance of a sustainable economy

v Very topical subject and cause of much current international debate

Ø In October 2004, Government's Chief Scientist, Sir David King, drew public's attention to recently released data showing unaccountably sharp increase in global carbon dioxide levels over the last two years - beyond what might be expected as a result of the known consumption of fossil fuels - and offered opinion (in interview on BBC 'Newsnight' programme) that taking appropriate action will be good for UK economy, whereas doing nothing will lead to increased economic damage

Ø US Administration's resistance to taking part in the Kyoto Protocol of December 1997 is based on their fear that the action necessary will adversely affect their country's economic growth

Ø Recent significant increases in the price of oil in large part due to imbalance between increasing demand (e.g. China's consumption of oil has doubled over the last four years and now exceeds the capacity of the world's 3^rd largest producer - Nigeria) and both current and potential supply (even without current supply problems in Middle East, production may have peaked and reserves are finite and dwindling)

Ø Countries signing Kyoto Protocol have agreed to reduce their overall emissions of six greenhouse gases by at least 5% below 1990 levels between 2008 and 2012 but, to enter into force, the Protocol must be ratified by sufficient Parties (i.e. countries) representing at least 55% of the total carbon dioxide emissions in 1990

Ø By the beginning of September 2004, 124 Parties had ratified the Kyoto Protocol, representing 44.2% of the emissions required for its entry into force, including most recently Russia

Ø US Administration is spending large amounts of Federal money ($400M pa) to develop hydrogen economy and, especially, support research in cooperation with US automobile industry and several US States are taking action such as requiring private energy suppliers to reduce emissions

Ø UK planning law changed (in September 2004) to encourage sustainable development

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