Since 2006 carbon dioxide emissions in the U.S. have plunged, almost reaching 1991 levels.
The key driver for the “shockingly good news” that CO2 emissions will probably fall this year to a two-decade low … is “the shale gas revolution, and the low-priced gas that it has made a reality, especially in the last 12 months. As of April, gas tied coal at 32% of the electric power generation market, nearly ending coal’s 100 year reign on top of electricity markets (see related CD post on this energy milestone). Let’s remember the speed and extent of gas’s rise and coal’s drop: coal had 52% of the market in 2000 and 48% in 2008.”
It is important to note that it is innovation, technology, and capitalism that is making this happen. Without a free market the shale gas revolution would not have occurred.