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The UK central bank, the Bank of England, will unveil plans to change its corporate bond buying programme to make it more environmentally friendly later in May 2021. UK chancellor has instructed the Bank of England to include climate and environmental goals in UK monetary policy.
Geoengineering and Implementation
Geoengineering and whether geoengineering is happening
Geoengineering is a broad term used to describe the deliberate manipulation of the Earth’s natural systems in an attempt to counteract the negative impacts of climate change. The idea is to use technology to modify the Earth’s environment in a way that will reduce global warming and its effects. The concept of geoengineering has gained considerable attention in recent years as the world has become increasingly aware of the dangers of climate change. But is geoengineering happening now, and if so, what are the implications of these activities?
There are two main categories of geoengineering: carbon dioxide removal (CDR) and solar radiation management (SRM). CDR techniques aim to remove carbon dioxide from the atmosphere and store it in long-term storage such as underground or in the oceans. Some examples of CDR techniques include afforestation, ocean fertilization, and direct air capture.
SRM techniques, on the other hand, seek to reflect solar radiation away from the Earth’s surface and back into space, thereby reducing the amount of heat absorbed by the planet. Examples of SRM techniques include stratospheric aerosol injection, marine cloud brightening, and reflective surfaces.
There has been much discussion about the potential benefits and drawbacks of geoengineering. The primary reason for this is that geoengineering is a relatively new concept, and the potential side effects of these techniques are not yet fully understood. Many scientists are concerned that implementing geoengineering on a large scale could have unintended and negative consequences that outweigh any benefits.
Some examples of public small-scale geoengineering experiments taking place around the world.
- In 2012, a team of scientists in California launched a small-scale ocean fertilization experiment aimed at increasing the growth of phytoplankton in the ocean, which absorb carbon dioxide from the atmosphere.
- In 2018, a team of researchers in Sweden began testing a technique called “artificial photosynthesis,” which involves using sunlight to convert carbon dioxide and water into fuel.
The fact that these experiments are taking place shows that there is a growing interest in exploring the potential of geoengineering as a tool to address climate change.
One of the biggest concerns about geoengineering is the potential for unintended consequences. For example, some scientists worry that solar radiation management techniques could disrupt weather patterns, leading to droughts or other extreme weather events. Additionally, CDR techniques such as ocean fertilisation could lead to harmful algal blooms or other negative impacts on marine ecosystems.
Another concern is that geoengineering could be used as a “quick fix” for climate change, rather than addressing the root causes of the problem. Many experts argue that the best way to address climate change is to reduce greenhouse gas emissions through the use of renewable energy and other sustainable practices.
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