Global Warming Bonds - Transcript [c] 10:00:15:00 Oil & Gas rigs burn off Car Exhausts, traffic Professor Oswald walking Taxis past GuideVoice: Can we stop Global Warming? Many people believe that despite the Kyoto agreement, we are not moving fast enough to cut our dependence on fossil fuels, and that future generations will pay for the damage we have caused. Among them is Andrew Oswald, Professor of Economics at the University of Warwick. He has come up with his own radical proposal, to create incentives that will make us change our behaviour faster. 10:00:39:04 SOT: Andrew Oswald, Professor of Economics, University of Warwick: - "I'd like to see us tackle global warming with what I call global warming bonds, and those would be a kind of financial incentive that would persuade people today to change how they are acting. To drive cars that produce less carbon emissions for example. And the idea behind these global warming bonds is that they would be funded by unborn generations, in a sense that would allow unborn babies to vote with their wallets to get us to change how we act today." 10:01:05:02 Fuel pump & Traffic sequence Hydrogen buses & cars Cu wind turbine GVs Wind farm Guide Voice: The proposed Government Bonds would start to pay out around the year 2045 and would be paid for by our grandchildren through taxation. Professor Oswald argues that transport, which now consumes a third of all energy used in the UK, is a key area where they could have an impact. Even moves to convert buses and cars to run on hydrogen cells do not go far enough because the energy used to create hydrogen would have to come from a renewable source too. Wind farms and solar power are becoming increasingly important energy sources, yet they do not produce enough energy even to meet our transport needs. more