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Graciela Chichilnisky Columbia University New York - Global Thermostat LLC Euromoney Conference - the Pierre NYC March 12 2014

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Graciela Chichilnisky Columbia University New York - Global Thermostat LLC Euromoney Conference - the Pierre NYC March 12 2014 Green Capitalism The End of Fear Graciela Chichilnisky www.chichilnisky.com Columbia University New York - Global Thermostat LLC Euromoney Conference - The Pierre NYC March 12 2014 Why Fear? Excessive use of natural resources - air and water, oil, coal, forests, biodiversity - undermine our survival Human Beings are the largest geological force in the planet We are changing the planet’s atmosphere, its body of waters, and the complex web of species that makes life on earth Climate Change Global Risks • Clean Water & Air Scarcity • Life in the Seas going exRnct – the basis of world’s food chain • Climate Change • Massive Biodiversity ExRncRon Avoiding Ex<nc<on Fear of Catastrophic Risks • Global sea level raise threatens the survival of 43 island naons • Polar Caps melt - accelerang warming trend • Record breaking tornadoes, super-storms, floods, droughts and devastang fires • 30 million climate migraon in 2011 • Na<onal Security at Risk - US Pentagon 2009 Oceans - the origin of life – going ex<nct Are Humans Next? • Need Acon Now • Waited too long • Industrial economies 20% of world populaon cause most of world’s C02 emissions and natural resource use Energy from fossil fuels 45% of global emissions 89% power plants fossil – $55Trillion infrastructure Clean Energy is the Only SoluRon But Economic Values makes it Difficult Capitalism Market Economics • Lacks connecRons between the traders • Lacks connecRons between economy and the environment – disregards scarciRes • Lacks connecRons across generaons - myopia Sustainable Development requires building connecons WHY? Because humans dominate the planet • For the first Rme in recorded history • Following an era of rapid globalizaon Humans dominate Planet Earth • We are connecRng and changing the planet’s atmosphere, its bodies of water, and the complex web of species that makes life on Earth This means natural resource limits • As we reach natural resource and environmental limits The survival of humankind is at stake • Need connecRons with the ecology, between people and with the future of our species Can Markets adjust? Can Financial Markets become Sustainable? Sustainable Economics The End of Fear How to do it What to do? • Change Internaonal Law • Change Markets & Economics Green Capitalism We just have to do it • For the survival of our Species Changing Economics is Key HOW? New Types of Financial Markets New Economics over Time • Providing Missing ConnecRons • Between People, with the Environment • Between the Present & the Future Economy, the Earth and our Species • Need to develop connecRons with the earth’s resources, between people and with our future Basic needs • The Basic Needs of 80% of Humankind who live in developing naons – over 1Bn people below Basic needs living with <$2 /day • Undermined by resource intensive economics: over-extracRon of raw materials from the poorest naons in Africa and Lan America • Resources exported and over-consumed by 20% of world populaon in the industrial world The Missing Signal • If we destroy all trees & make toilet paper our economy improves – why? • Because Toilet Paper has Market Value & Trees do not. We lack Market Prices New Market prices = New Values New costs and New benefits The Carbon Market of UN Kyoto Protocol Provides the Missing Signal How? The Carbon Market a Global Financial Market EU ETS Trades $250Bn/year & in four connents - including CA USA – the world’s largest financial market? Links to Global Economy Everything is made with energy Economic growth = Energy Use Energy the Mother of all Markets Carbon Market provides Missing Signal New Market Prices = New Values = New GDP Makes all clean products more valuable Emission Limits are the basis of the Carbon Market Part of World’s Capital Markets How does it Work Carbon Makes Clean Energy CARBON CHANGES THE Dirty pays profitable PRICES ARE $25/TON ENTIRE clean – ZERO Dirty Energy THE Missing EMITTED GLOBAL overall costs expensive and Signal ECONOMY Undesirable New Financial Markets create New GDP • New Market Prices emerge from New Financial Markets • Carbon market changes the noon of value, GDP and economic progress • Between two idenRcal naons • The one using clean energy has a larger GDP New Financial Markets to Value the Global Commons • Carbon Markets - value the atmosphere • Water markets – value oceans and clean water globally • Biodiversity markets – value forests & life Create new GDP Must be adopted NOW as required by G20 Chichilnisky: UNESCAP 2010 The Oscar Wilde Moment The Global Commons Green Capitalism From maximizing profits to economic progress that ensures survival of our species Technology Urgently Needed to put all this in prac<ce • To Reduce Carbon from the Atmosphere • In a Profitable Way • To support and Create New Financial Markets Values and PoliRcal Will The Word needs Energy CLEAN ENERGY FOR DEVELOPING NATIONS What is a Carbon Negave SoluRon Carbon Neutral is not enough Reducing CO2 Concentra<ons in • Neutralizing emissions does not prevent the Atmosphere further increases in atmospheric CO2 800 • Even the most aggressive efficiency 700 Business as Usual improvements and renewables adopRon 600 Constant Growth are unlikely to keep CO2 concentraon at 500 the generally agreed 450ppm to avoid CO2 Parts per Million (PPM) 400 catastrophic climate risk Wedges 300 Approach / Negave Carbon is the soluon1 Stabilizaon 200 Global Thermostat • Air capture enables direct and rapid 100 reducRon of CO2 concentraon 0 Hazardous Level • GT allows for the capture of even more 450 ppm CO2 than we are loading into the atmosphere or that the earth’s systems can absorb – Negave Carbon GT’s technology directly reduces 1 United Naons Headquarters, New York, November 12, 2009. Presentaon by G. Chichilnisky on"The Rising Tide at Copenhagen: carbon concentraon in the air, A Win-Win SoluRon for Industrialized and Developing Naons" making carbon negave possible Global Thermostat Company ConfidenRal Page 20 >$1 Trillion Market for Captured CO2 Storage Enhanced Oil Algae-Based Recovery EOR Biofuels* *EOR > $1Trillion market most significant commercial opportunity for captured CO2 Hydrogen-Based Products: cement, Synthe<c Fuels ferRlizer, plasRcs, greenhouses Global Thermostat Company ConfidenRal Page 21 Global Thermostat Pilot Plant, SRI Internaonal - Menlo Park California February 2011 First GT Pilot Plant at SRI - October 2010 Global Thermostat Company ConfidenRal Page 23 Second GT Commercial Demo at SRI March 1, 2013 Closing the Carbon Cycle • GT Technology Captures Carbon from Air – sells CO2 • Inexpensive: Uses Low Process Heat • Cogenerates Power ProducRon with Carbon Capture • The More Power is Produced – the More Carbon is reduced • Makes Coal Plants Carbon Negave • Makes Solar Power Plants even more Carbon Negave HOW? GT’s Air Capture Technology Three-Step Process Produces Concentrated CO 2 Stream Step 1 Step 2 Step 3 Air Input CO 2 Capture CO 2 Regenera<on Key to GT’s technology is cogeneraon using Transport and Compression Other low temperature Injec<on Applica<ons process heat to capture CO 2 Subsequent steps are shared by all CO 2 capture methods though pipelining costs can be reduced by co-locang where CO 2 is stored or used UP Absorbing CO 2 Pipes to oil well or algae DOWN Releasing CO 2 Pipes to oil well or algae ponds Third GT plant Commercial Demo Algae Systems IHI In Daphne Alabama USA 2013 • Produces carbon negave transportaon fuels (jet fuel) • Treats municipal wastewater and produces drinking water • Generates green electricity and Biochar ferRlizers CO2 Fuels, Algae Fuel Dewatering Electricity & Solar Producon Producon Energy Biochar Waste water Treated Drinking Desalinaon Wastewater Water Provides crical municipal services while producing energy Global Thermostat As Green As It GetsCompany ConfidenRal Page 29 Green Capitalism • Based on new Financial Markets • Trading property rights based on the use of scarce natural resources - largest assets known to humankind • Very conservave about Natural Resources • Very innovave about knowledge – a global common • ConnecRng humans to their environment • Valuing the Present and the Future The End of Fear .
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