Externalities are the unintended effects (either
positive or negative) of a certain economic activity.
When you burn fossil fuels (for electricity production
or internal combustion for cars) there are many negative
byproducts- most of the pollutants emitted cause disease
& health problems and environmental degradation.
The World Health Organization (WHO) states that the
combustion of fossil fuels in motor vehicles accounts
for more air pollution than any other single human activity.
Pollutants from burning fossil fuels include carbon
monoxide, hydrocarbons, nitrogen oxides, ozone, lead
and volatile organic compounds.
Global climate change is another externality of fossil
fuel combustion. Climate change is caused by an excess
accumulation of greenhouse gases (GHG) in the atmosphere.
Carbon dioxide is the primary GHG and is emitted in
enormous quantities when we use electricity and fuel
transportation. Climate change will affect everyone-
changing agricultural patterns, increasing the prevalence
of disease around the globe, raising ocean levels to
submerge islands and coastlines and causing extreme
economic disruption.
Failing to account for externalities, no one pays to
clean up the air or land due to the byproducts of energy
production. In order to protect our health and environment,
we must include the estimated cost of social ills into
the costs for oil companies, utilities and car manufacturers.
Thereby, the producer pays and society doesn't suffer
through disease, environmental clean up and much more.
Energy Information Administration:
"There are byproducts of electricity production
that have an undesirable effect on the environment.
Most of these are emissions introduced by the
combustion of fossil fuels, which accounts for
nearly 70 percent of the total electricity generated
in the United States. The environmental impacts
(or damages) caused by these emissions are labeled
environmental "externalities." Included in the
generic term "externality" are benefits or costs
resulting as an unintended byproduct of an economic
activity that accrue to someone other than the
parties involved in the activity. "
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Updated: 2007/07/12
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