With the help of technological advancements, such as more effective solar and wind energy, widespread use of recently invented batteries, and potentially soon hydrogen fuel, it is possible to slow the rate of global warming while maintaining the current standard of living on Earth.
One such industry dealing with this issue is aviation. A working paper argues the aviation sector could significantly reduce its greenhouse gas emissions and that a carbon tax on gasoline would offer incentive to do so. The report looks at airline industry practices across the history of rising and dropping jet fuel prices in recent decades.
When it comes to contributing to global warming, power plants and automobiles are significantly more significant contributors than air travel. Airlines in the US are responsible for 8% of all transportation-related emissions and slightly more than 2% of all greenhouse gas emissions. However, nitrogen oxides, vapor trails, and high-altitude cloud formation all contribute to aviation's overall negative climate consequences. Future prospects are bright for electrification, hydrogen, and biofuels. However, airplanes fueled by electricity and hydrogen won't be practicable for long-distance travel for many years. Although they are substantially more expensive than traditional fuels, sustainable biofuels are available.