The amount of fossil fuels extracted in a year is equal to the amount of fossil fuels burned in a year (give or take reserves, which will even out in the long run). So if fossil fuel extraction were reduced, CO2 emissions would be reduced, regardless of any taxes, cap-and-trade, alternative energy sources, etc that may or may not be in effect. Indeed, the only way that traditional environmental measures such as the above can reduce carbon emissions is if their effect on fossil fuel prices eventually causes less extraction.
Therefore it seems logical that the best way to reduce CO2 emissions is to pay fossil fuel extractors to reduce their extraction rate. This should not cost the extractors too much because they will still own the resources and will be able to monetise them eventually. But environmentalists do not favour such subsidies to e.g. Saudi Arabia and when I have brought up this suggestion to environmentalists they have looked at me funny and suggested the issue was complicated, but never provided any direct reason why this should be a bad idea. This makes me think I am missing something obvious, that this is a silly idea.
Is there academic literature on this or similar concepts? Why isn't this a good idea for reducing CO2 emissions?
It costs a lot of money and only defers the problem. Extracting less coal and less oil doesn't do much to address increasing energy demands. You'll get some decrease when the price goes up from restricting supply, but once thing stabilize it's going to continue rising.
Basically, you're temporarily reducing emissions without addressing the circumstances that brought about high emissions in the first place.
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