Energy and the environment: a production permits approach for oil

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Abstract
This paper looks at the emerging protocols on the environment, the essence of which is captured by the Toronto (1988) emission reduction targets. Using fairly liberal assumptions about the market penetration of gas and nuclear forms of energy up to 2005, it examines the feasibility, or otherwise, of meeting these targets. The conclusion is that it will be at least very difficult to achieve. The paper goes on to propose a ‘production permits’ formula, based on proven reserves, as a means of meeting the targets.

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