SINGAPORE (Reuters) - A dramatic warming of the planet 55 million years ago cannot be solely explained by a surge in carbon dioxide levels, a study shows, highlighting gaps in scientists' understanding of impacts from rapid climate change.
During an event called the Palaeocene-Eocene Thermal Maximum, global temperatures rose between 5 and 9 degrees Celsius within several thousand years. The world at that time was already warmer than now with no surface ice.
"We now believe that the CO2 did not cause all the warming, that there were additional factors," said Richard Zeebe, an oceanographer with the University of Hawaii at Manoa.
"There may have been an initial trigger," he told Reuters on Wednesday from Hawaii. This could be a deep ocean warming that caused a catastrophic release of methane from hydrate deposits under the seabed.
Methane is a potent greenhouse gas but much of it is oxidised into CO2 when it is released from hydrate deposits.
Zeebe and his colleagues estimated the amount of CO2 released during the Palaeocene-Eocene event by studying sediment cores from seabeds around the globe. Their study is published in the latest issue of Nature Geoscience.
Top Manager Sees "Huge Risk" in Alternative Energy as Proof of Global Warming Cools
Posted Jul 15, 2009 08:00am EDT by Aaron Task in Investing, Commodities, Clean Tech
Related: XOM, FSLR, XLE, TAN, STP, PBW, IYE
Daniel Rice, manager of the BlackRock Energy & Resources Fund, is the best-performing U.S. equity fund manager of the past decade, according to Morningstar. He's also not afraid to speak his mind, especially when it comes to the subjects of global warming and alternative energy, as revealed in the accompanying video.
Rice paints a "pretty dire picture" of the whole alternative energy industry, with the possible exception of wind, based on the following:
Global warming patterns have reversed in the past decade, Rice says, citing studies by meteorologist Dr. Judah Cohen, whom BlackRock has on retainer. Ten years is microscopic in geological terms but "you'd better hope global warming is caused by man-made [carbon dioxide] if you're investing in these sectors," he says. "I think that's a huge risk based on some of the evidence that's been coming out."
Alternative energies are not economical without major government subsidies or a large enough carbon tax. The cap and trade legislation currently being debated is "not enough to do anything," Rice says. "All it does is provide Obama a pass to Copenhagen" where the U.N. is hosting a climate change conference in December.
More government subsidies for alternative energy could be forthcoming but "governments across the world are being stretched" by the economic crisis, Rice notes. "There's not a lot of excess money, excess credit, [and] not as much risk capital willing to go into these sector."
So unless the global warming patterns reverse and go higher again or the global economy makes a major recovery, Rice believes alternative energies like Exxon's algae fuel initiative will remain very much on the fringe, and investors in the space will face further disappointments.
http://finance.yahoo.com/techticker/article/280504/Top-Manager-Sees-
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