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Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts

Friday, August 7, 2015

Fracking and Climate Change

Hydraulic fracturing, commonly known as ‘fracking’, is a drilling technique used to obtain oil and natural gas from deep in the ground. Patented in 1949 by Halliburton, the practice has expanded and advanced through today, with many companies taking part in this technique. The companies drill deep holes into the earth and cases it with steel and cement, then they pump a mixture of sand, water and chemicals into the well at high pressures, fracturing the rock, allowing natural gasses to flow out of the rock, through the tunnel to the surface where it is treated and removed. Generally, the wells ‘dry up’ within a few years, then they are plugged and the companies move on to other areas. Since 9/11 and conflicts with many countries with high rates of oil production and export, fracking has seen a boom in the U.S., in the last five years alone the U.S. has a daily increase of 3.7 million barrels of oil, dropping the import of oil by 44%. In 2012, the U.S. became the #1 producer of natural gas, removing Russia from the top spot. Obviously, this has been good for the economy of the U.S. but has it been good for our environment?





Environmental Impact:

With fracking, the use of natural gases have become much more abundant than the use of oil and coal. Natural gases output carbon dioxide at less than half the rate of oil and coal, which should be a good thing for the atmosphere. But, what studies are finding is that because the natural gases are more abundant suddenly (because of the prevalence of fracking), and cheaper than coal and oil imported from the Middle East, the rates of consumption have gone up, thus increasing the lowered rates of carbon output. Another problem with fracking is the release of natural gases into the atmosphere while drilling. Methane is the gas that could have the most alarming consequences, being 72 times more potent than carbon dioxide over a 20-year period, trapping heat in the atmosphere. Besides affecting the atmosphere, fracking has had negative effects on our nation’s human water supply, variously from leaks into communities’ ground water supplies and drinking wells to the high volume of water needed to use for the process itself. There have also been a number of earthquakes directly related to fracking practices. Another extremely unfortunate side effect of fracking is that it has taken the focus and funding away from actual clean energy resources that would not be harmful to the environment, such as solar and wind energy. With the funding going mostly towards fracking, solar and wind power research and technology funding has suffered greatly, unable to make strides towards clean energy. How can we shift funding back towards clean energy that is safer for personal health and safer for environmental health to slow down climate change?

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Saturday, August 1, 2015

Climate Change Is Now Its Own Industry

Interest in climate change has become a powerful economic driver, even to the point that it has become its own industry, whose growth is driven in large part by policy-making. From 2005-2008, the "climate change industry" grew between 17 and 24 percent annually, steadily growing into the $1.5 trillion industry it is today.

One big segment of the industry is made up of climate change consulting firms. The environmental consulting industry had billings of $600 million in 1976, but today generates $27 billion.

The industry is expected to double within the next few years, mostly due to the ever increasing government regulations and policies. Companies will be spending more and more money to adapt not only to the changing policies, but also to the changing climate. Companies will focus on growing economically and environmentally.

Not only are corporations beginning to recognize the potential impacts of the changing climate on their supply chains, but they are also beginning to show concern about reputation impacts. They don't want to be caught buying its products or supplies from a far-flung company that's considered a "gross polluter".

We can all apply what's going on in this industry and apply it to ourselves and our own lives. We can buy stuff locally, cutting down on the carbon emissions spent getting it to you. We can all adapt, just like all these corporations are, and we don't have to pay some consulting firm millions to tell us how.

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More in-depth reading:
http://www.insurancejournal.com/news/national/2015/07/30/377086.htm