European community can reduce CO2 emissions by sixty percent: A feasibility study

Abstract

Carbon dioxide (CO2) emissions in the European Community (EC) can be reduced by roughly 60 percent. A great many measures need to be taken to reach this reduction, with a total annual cost of ECU 55 milliard. Fossil fuel use is the main cause of CO2 emissions into the atmosphere; CO2 emissions are to a large extent responsible for the greenhouse effect. Energy saving (conservation) and nuclear energy appear to be the least expensive methods of CO2 abatement, directly followed by renewables. More expensive alternatives include the separation of CO2 at the source (e.g., power plants), followed by storage in depleted gas fields, aquifers, or in the ocean. Biological options, such as reforestation and energy farming, are the most expensive abatement methods; however, they do have secondary advantages, such as avoided fallow premiums and avoided export premiums on cereals. Application of all measures together can lead to the 60 percent reduction goal.