From Energy@Berkeley: Solutions for Global Warming
18:05 Energy efficiency and conservation is and will remain the lowest hanging fruit for the next several decades, there’s no question about this.
Free markets fail when there is what’s called a commons problem. So what’s a commons problem ? It’s a common shared resource. The fish in the ocean is a common shared resource, and so when one country or one sector doesn’t have total control over this resource, they might think “well, I gotta fish what I can fish, because someone else might over fish and cheat me out of my fair share”, let me put it bluntly, that’s typically what happens , that also happens in air and water pollution issues, sharing of water resources across borders, and the climate change issue and greenhouse gasses is the ultimate commons problem.
The choice of Steven Chu provides strong clues as to the direction of Obama’s upcoming Green New Deal:
21:15 Buildings are 40% of the energy consumption in the United States … Many many progressive architects tell me you can save a factor of two in energy which would have a payback in five years or less.