
via NASA
Imagine a single policy, imposed on one industry, which would, if enforced consistently, stop fossil fuels causing global warming within a generation.
The Carbon Takeback Obligation could do just that. It requires fossil fuel extractors and importers to dispose safely and permanently of a rising fraction of the CO2 they generate, with that fraction rising to 100% by the year of net-zero. Critically, this would include carbon dioxide generated by the products they sell.
A ground-breaking study by the Universities of Oxford and Edinburgh, published Tuesday [embargoed to 11:00 US ET, 16:00 BST] in the international energy journal Joule, explores the economic implications of imposing a carbon takeback obligation on the global fossil fuel industry, and shows it provides an affordable and low-risk route to net zero emissions, particularly if complemented by conventional measures to reduce near-term fossil fuel demand.
Oxford researcher Stuart Jenkins, lead author of the study, explains, ‘Despite the perceived high cost of carbon dioxide capture and storage, we show that the cost to the world economy of a Carbon Takeback Obligation, even if entirely passed on to fossil fuel consumers, is no higher than the cost of mitigation in conventional scenarios meeting similar goals driven by a global carbon price.’
Professor Stuart Haszeldine of the University of Edinburgh, a report co-author, says, ‘Investment in carbon dioxide capture and geological storage has, to date, been dependent on state subsidies, and consistently far below what is required to meet Paris climate goals. Carbon Takeback provides the fossil fuel industry itself with the strongest possible incentive to make amends: survival.’
Oxford’s Professor Myles Allen, another co-author adds, ‘Carbon Takeback has consistently been dismissed by the climate policy establishment as much more expensive and risky than the alternative of driving down consumption by changing consumer behaviour or through a global carbon price. But these options are hardly risk-free. Getting to net zero means carbon prices rising to $1000 per tonne of CO2 by 2050: 100 times the hike that brought out the gilets jaunes.’
Margriet Kuijper, an independent expert in carbon capture and storage who reviewed the work, comments, ‘A Carbon Takeback policy as proposed in this paper will provide a safety net to make sure we achieve net zero emissions even if we don’t manage to reduce the use of fossil fuels quickly enough. It extends the responsibility of producers to take care of the waste generated by the use of their products. The polluter pays to clean up. And the costs are included in the product price. As it should be.’
Original Article: Affordable policy which could stop fossil fuels causing global warming – report
More from: University of Oxford | University of Edinburgh
The Latest on: Route to net zero emissions
- What’s not to like about lower fuel costs and reduced emissions?on July 1, 2022 at 4:00 am
The American Power Group’s sees a 20-year market for its dual fuel system that runs uses natural gas and diesel fuel.
- Zero Emissions Natural Gas May Be Possibleon June 30, 2022 at 7:22 pm
The fossil fuel industry has long touted natural gas as a “bridge fuel”—abundant and reliable, cleaner than coal, and an essential stop-gap while the world transitions to renewable power. Now it is ...
- Guarded welcome for Church’s plan for reducing carbon emissionson June 30, 2022 at 4:09 pm
THE Church of England’s new plan for reducing carbon emissions to net zero by 2030 has been welcomed by environmental experts. But questions have been raised about the omission of the Church ...
- West Yorkshire Zero Emission Bus scheme approvedon June 30, 2022 at 3:02 pm
The West Yorkshire Combined Authority has approved plans to increase the number of electric buses on regional roads. The West Yorkshire Zero Emission bus programme includes charging facilities at ...
- Positioning For The Net-Zero Transitionon June 30, 2022 at 5:00 am
The transition towards a decarbonized economy is underway. It will involve a massive reallocation of resources. Click here to know ...
- At a glance: 7 key talking points of the CCC’s net-zero progress reporton June 29, 2022 at 1:06 am
The Climate Change Committee has published a long-awaited analysis of the UK Government’s efforts to reach net-zero, including the progress made by each key sector. Here are seven key messages from ...
- CCC progress report: What sectors (if any) are on course to reach net-zero emissions?on June 28, 2022 at 4:10 pm
The Climate Change Committee (CCC) has today (29 June) unveiled a detailed new report tracking the progress of the UK’s major sectors and whether they are decarbonising at the required levels to reach ...
- easyJet Optimizes Flight Route To Demonstrate CO2 Savingson June 28, 2022 at 6:00 am
The airline also fueled flights with a 30% blend for the “Connecting Europe by Air – the Green Transformation” event in Lyon.
- Route map to net zero provides huge opportunities for the Easton June 28, 2022 at 4:57 am
A new manifesto from renewable energy trade body RenewableUK aims to set out a ‘route map’ to delivering a carbon-free ...
- Sabey Data Centers Commits to Net-Zero Carbon Emissions by 2029on June 27, 2022 at 5:32 am
Sabey Data Centers, a premier colocation data center provider, today announced its commitment to reach net-zero carbon emissions by or before 2029 across its Scope 1 and Scope 2 emissions. The Science ...
via Bing News
The Latest on: Route to net zero emissions
via Google News
Add Comment