| Sourced From Chron.com |
World leaders met in London this week for the G20 summit. It could seem very remote from Houston. I would argue to the contrary. It is very relevant.
We are in the midst of an unprecedented global financial crisis. Leaders in London sought agreement on a range of issues, including stimulating the economy; kick-starting an increase in trade finance; strengthening market oversight without stifling the markets; ensuring that we do not retreat into an era of protectionism; and breathing further life into the Doha trade round.
Agreement and action over time on these major issues will help deal with the financial crisis and steadily set us all on a path of sustainable growth.
But one of the summits goals in particular recovery consistent with moves toward a low-carbon economy offers Texas and Houston the chance of hosting at least two knowledge intensive, high-added-value clusters over the coming years: low carbon technologies and carbon trading.
This means long-term jobs and growth for Texas.
Farsighted leaders in Austin, Republican and Democrat, deserve a commendation for promoting a range of worthy bills that benefit the state. These include legislation on issues such as solar energy; carbon capture and storage; a commission to determine what action Texas should take on carbon emissions; and establishing a center for expertise on carbon. A number of these bills can provide the framework that will allow Texas low-carbon businesses to garner market leadership positions in both low-carbon technology and carbon trading.
As one example, Texas is a world leader in enhanced oil recovery. Many of the technologies used in carbon capture and storage (a process needed to dramatically reduce the carbon emitted by coal-fired power stations that emit most carbon in states like Texas and countries like China) are well known here. Development of this new technology could allow Texas to steal a march on others, perfect the technology then sell its intellectual property to companies in places like China.
The successful completion of international negotiations will create tremendous business opportunities to reduce the carbon emissions from thousands of coal-fired power plants. Texas companies ought to be in prime position to take advantage of these opportunities.
Houston is already the energy capital of the world. Lawyers, accountants, financiers and consultants, already living in the state, have the knowledge to establish Houston as a trading hub to London in the coming carbon trading market once federal legislation on emissions is passed.
The catalyst needed for this
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