Balancing Act
Earlier this week, the Stern Review tackled the issue of the economics of global warming. Now, an article in The Independent Online questions whether the UK will be able to meet any sort of expectations on reduced emissions as airport expansions plan to treble the number of flights by 2030. The increases in air traffic will effectively eliminate Britain's ability to meet Kyoto targets.
So what is to be done? Eliminate growth to curb the potential for warming? That doesn't fly (pun intended) too well with the profit-driven West. Interestingly, Sir Richard Branson, Virgin Group chairman, has proposed some efficiencies which could cut aviation carbon emissions by up to 25 percent globally. In addition, Branson announced back in September that he would take all the profits from his "dirty" businesses - such as Virgin Air - over the next ten years (estimated at 3 billion dollars) and invest them in the development of new fuels and renewable energy initiatives.
Sir Richard's not just being noble (oh! that was another pun) here. He's a businessman, and a shrewd one. He's fully expecting his energy initiatives to make even more money for the Virgin Group.
