What size of a global investment are you talking about to cut global oil and gas usage by 60% over the next 50 years?
The near-term (2 to 10 years) investment would be quite modest, as there will be no shortage of off-peak wind energy for the next decade. However, to replace 60% of global oil and gas with WindFuels over the next 50 years may cost 40 trillion US$, but businesses will embrace it because it will be profitable. The IEA has recently recommended CO2 be taxed at over $80/ton (or $300/ton-C). That would amount to $2T per year – and it (in itself) would not produce any more fuel. That would also amount to a tax of $30/bbl for conventional oil. For synfuels from heavy oil and coal, the tax would be over $50/bbl and $60/bbl respectively with current processes.
The near-term (2 to 10 years) investment would be quite modest, as there will be no shortage of off-peak wind energy for the next decade. However, to replace 60% of global oil and gas with WindFuels over the next 50 years may cost 40 trillion US$, but businesses will embrace it because it will be profitable and enduring. The IEA has recommended CO2 be taxed at over $80/ton (or $300/ton-C). That would amount to $2T per year – and it (in itself) would not produce any more fuel. That would also amount to a tax of $30/bbl for conventional oil. For synfuels from heavy oil and coal, the tax would be over $50/bbl and $60/bbl respectively with current processes.
