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Undergraduate Economics AssociationGeneral Meeting(11/5/13)
Undergraduate Economics Association
2
Announcements
Econ Talk Sunday, Nov. 10th, 12:00pm in GSU Starbucks
Writing Committee + STATA Workshop Sunday, Nov. 10th, 1:00-2:00 pm in CAS 322
Undergraduate Economics Association
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ArticlesPublic Services Losing Money? Good?L. Rebecchi [Syndicated]
The Other Side of Wealth in ‘Wealth of Nations’J. Sinitsky
The Economics of Massachusetts
Environmental Policy
Carson Robers
“There is no winning! Only degrees of losing!” - Danny DeVito , The War of the Roses
(1989)
P Is Everything
Regional Greenhouse Gas Initiative
310 CMR 7.70 –The MA CO2 Budget Trading Program
Launched: 2005
10 States
Applies To: Fossil fuel fired electricity generating units 25 megawatts in size or larger. (28 facilities)
Is: A regional carbon cap and trade system . A quarterly auction of carbon permits.
Results:
100% Compliance
Unprecedented CO2 Reductions
Decrease: 60.7 Million Tons of CO2
Benefits
- Reduction of the long term costs of addressing climate change
- Capture of Environmental co-Benefits
- Development of new technology
- Promotion of expanded energy efficiency
- Stimulation of economic development
“Macroeconomic analysis indicated the overall regional economic impacts resulting from the 91 cap were slightly positive”
“The average commercial customer monthly electric bill of $455 would increase by less than $4 (less than a 1% increase). MassDEP notes that RGGI auction revenues are used to fund energy efficiency investments throughout the Commonwealth”
Spring 2013 Amendments The regional emissions cap in 2014 will be 91 million tons of CO2. The cap will be reduced by 2.5 percent per year in the years 2015 through 2020.
Mean High Water + 5’ : Projected to occur by mid- to late-centuryEquivalent to flooding from Hurricane Sandy if it hit during high tide
Mean High Water + 7.5’: Could occur by late-centuryCharles River Dam is over-topped
Sandy at mid-century
Key floors above 2085 High Estimate
100-year Flood
Mechanical, electrical and emergency
services on roof out of harm’s way
Operable windows keyed open in event of
systems failure
Critical patient programs above ground
floor
Spaulding Rehabilitation Hospital
Top 16 Most Costly World Insurance Losses 1970-2012*
(Insured Losses, 2012 Dollars, $ Billions)
$11.1$13.4 $13.4$13.4
$20.0$23.9 $24.6$25.6
$38.6
$48.7
$7.8 $8.1 $8.5 $8.7 $9.2 $9.6
$0
$10
$20
$30
$40
$50
$60
Hugo (1989)
WinterStormDaria(1991)
ChileQuake(2010)
Ivan (2004)
Charley(2004)
TyphoonMirielle(1991)
Wilma(2005)
ThailandFloods(2011)
NewZealandQuake(2011)
Ike (2008)
Sandy(2012)**
Northridge(1994)
WTC TerrorAttack(2001)
Andrew(1992)
JapanQuake,
Tsunami(2011)**
Katrina(2005)
*Figures do not include federally insured flood losses
Source: Insurance Information Institute
Top 12 Most Costly Hurricanesin U.S. History
(Insured Losses, 2012 Dollars, $ Billions)
10 of the 12 most costly hurricanes in insurance history occurred over the past 9 years (2004—2012)
$9.2 $11.1$13.4
$20.0$25.6
$48.7
$8.7$7.8$6.7$5.6$5.6$4.4
$0
$10
$20
$30
$40
$50
$60
Irene(2011)
Jeanne(2004)
Frances(2004)
Rita (2005)
Hugo (1989)
Ivan (2004)
Charley(2004)
Wilma(2005)
Ike (2008)
Sandy*(2012)
Andrew(1992)
Katrina(2005)
*Estimate as of 12/09/12 based on estimates of catastrophe modeling firms and reported losses as of 1/12/13. Estimates range up to $25B.
Source: Insurance Information Institute
Transportation
2011: 2,051,961 tons CO2e
2020 reduction goal: 28%
Gaso-line73%
Diesel15%
MBTA12%
Transportation Emissions by Source
Launched July 2011,
132 stations system wide with 90 in Boston &
over 1,000 bikes, 142,000 rides in 1st 4
months and 675,000
since the launch,
Mitigated 230 tons of carbon, 2,400 rides per
day in Oct 2012,9,202 Active Annual
Members
BIKE SHARE
Greenovate Boston
Undergraduate Economics Association
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BU Federal Reserve Challenge
Taper Tiger Consulting Group
Fed Challenge In-depth analysis of the Federal Reserve’s
monetary policy Fall Semester
Learn about the Federal Reserve, monetary policy and its impacts
Fantastic opportunity to meet some incredibly smart people
Michael [email protected]
