In a recent opinion piece for the Wall Street Journal, Steven E. Koonin examines how the global transition to low- emission energy systems has progressed since the strategy was put forward in the 2015 Paris Climate Accords—and, rightly, finds it lacking. “The significant global emissions reductions envisioned in Paris are now a fantasy,” he writes. “Emissions grew to an all-time high in 2023, with consumption of coal, oil and natural gas each near record levels…. Despite global renewable-energy investment of almost $12 trillion in the nine years ending in 2023, fossil fuels continue to provide about 80% of the world’s energy. The latest United Nations emissions report projects that emissions in 2030 will be almost twice as high as a level compatible with the Paris
aspiration.”
Koonin goes on to detail how emission reduction initiatives in Europe and the U.S. have fallen short—and how “climate fatigue” is starting to set in, overtaking the momentum of climate action. “Retreats from aggressive goals are already under way in Europe, with clear signs of mandate fatigue,” he writes. “The climbdown will be slower in the U.S., where subsidies create constituencies that make it more difficult to reverse course.”
“What could revive this flagging transition?” Koonin asks. I have an answer: harnessing the power of market forces.
We have seen, time and time again, that mandates cannot solve the climate crisis. Elected officials can only do so much. But there are forces out there stronger than any individual government or international consortium. Forces that can effect huge change, quickly.
Imagine if we could take the massive power of market forces and jumpstart a new wave of climate action. Imagine there was a mechanism that could utilize those forces to reduce greenhouse gas emissions worldwide—while also benefitting the economy.
This is exactly what ICEMAN offers. ICEMAN—International Carbon Equivalent Attributed to Neutrality—is an innovative method that applies established science and mathematics to calculate the greenhouse gas emissions of any product and translate that measurement into a simple attribute that consumers can understand at a glance. By providing a science and math-based attribute by which consumers can quickly, objectively and accurately assess the carbon footprint of every product, ICEMAN channels the power of the consumer.
Once consumers know the carbon footprint of products, market forces will be more powerful in initiating change than any mandate or government initiative. As consumer demand for products that are proven to have a lower carbon footprint increases, that power will drive manufacturers and businesses to make their operations and products closer to carbon neutral in order to maintain their competitive advantage. As manufacturers and businesses create more low-emission and carbon neutral products, greenhouse gas emissions will be reduced faster and in greater amounts.
Manufacturers worldwide will have to reduce their carbon footprints in order to be competitive in the world market. Market forces alone will pressure other countries to invest in renewable energy infrastructure. As manufacturers gravitate toward regions with low-carbon infrastructure, countries that want to attract business and industry will have to step up.
1 Steven E. Koonin, “Opinion | The ‘Climate Crisis’ Fades Out,” Wall Street Journal, June 10, 2024, sec. Opinion, https://www.wsj.com/articles/the-climate-crisis-fades-out-5944bd44.
In this way, ICEMAN would have a far greater impact on reducing the global carbon footprint than any government-mandated policy or initiative. The laws of supply and demand would effect a change in the behavior of companies and even entire industries far more quickly than policy or regulation—all while saving businesses and consumers money. In this, ICEMAN is exactly the kind of “more thoughtful and informed approach to responsibly providing for the world’s energy needs” Koonin calls for.