By Jamie Leong-huxley, Calgary Herald
Presumably the gathered experts at Oxford University on Wednesday would give Prime Minister Stephen Harper an "A" for delivering his first majority government. However, he would barely receive a passing grade if he rested on the laurels of a majority by ignoring the economy of the environment.
"There are many unknown unknowns," says Prof. David Hendry, the highly regarded time series econometrician at Oxford who directs the Institute for Economic Modelling. "It is a risky strategy to do nothing if that entails potentially huge costs," Hendry adds in reference to the effects of climate change on humanity.
Our government -and other developed countries -fail to recognize that regulation and taxes will not solve climate change. An innovative technological revolution is needed to solve the world's environmental management issues, and this requires a long-term strategy and plan. The significant investment for this must be endowed, lasting far beyond the short mandate of a government term.
"Governments think it is enough to announce targets," says Hendry. "The problem is they do not know how to reach those targets."
The scientists and academics presenting at the Oxford Conference on Political Economy of the Environment were quick to admit there are no clear, definitive answers when it comes to complete solutions to climate change. Part of the reason is a global lack of skilled people and technology working on climate change solutions. This is negatively multiplied by a lack of will by governments to increase university research funding and companies to move beyond competitive advantage to invest in solutions.
As we really don't know what technology works, the experts say we need to try many things, and we need to be prepared to fail at many things. As is the sound approach in a financial investment portfolio, Hendry says no country, Canada included, should put all its eggs into one basket, including carbon sequestration, which has yet to prove its worth.
Why believe -and invest -then in science if it is not guaranteed to work, especially with a majority government? "Despite their fallibility, science findings have revolutionized the world and its living standards," says Hendry, adding, "Mitigation steps need not be costly and could stimulate innovation . . . there are likely many low-cost answers."
Socially responsible energy companies should invest more heavily in innovation to eliminate emissions and their impact on natural environments.
More difficult, but essential, is for these companies and our government to contribute to changing the social and psychological drivers of energy consumption behaviour. This interdisciplinary approach to problem solving is complex given Canadians too easily take pride in recycling and turning the lights off. The real impact will come when we choose to drive and fly less.
Hendry says Canada is "lucky" that over half of our energy generation comes from friendly hydro electricity. But luck does not make the grade. It should not be the incessant pleas of the official Opposition and the Greens that lead to the government's commitment to long-term investment in our economy of the environment.
Jamie Leong-Huxley is a Calgary-based communication and strategy consultant.
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