The most important statement in the recently released IPCC Report from Working Group III on mitigation is the affirmation that disastrous effects of global warming can still be avoided.
In practical terms avoidance of disastrous climate change requires international agreement on a price for carbon. The price must reflect the emerging scarcity of disposal space for carbon dioxide in the earth’s atmosphere.
With a price on carbon, fossil fuels will lose their competitive edge over renewable sources of energy. Canada and certain other countries will find that dependence on fossil fuels for energy cannot be sustained.
There is another consequence for Canada in the displacement of fossil fuels as a source of energy. In future Canada’s fossil fuel resource industry will progressively contribute less and less to our economy.