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 Updates from Bing News & Google News
Go deeper with Bing News on:
Route to net zero emissions
- England’s green bus revolution? In some areas, not one vehicle is zero emissions
Just 11 per cent of buses across nine devolved English regions and the Greater London Authority (GLA) are currently zero emission vehicles ...
- ‘It’s Electric’: Princeton University’s shuttle fleet serves the entire community with zero emissions
When Princeton University decided to convert its Tiger Transit shuttle system to an all-electric fleet, it was during a challenging time for public transportation nationwide. It was midway into the ...
- Shell takes lead in use of LNG, electric vessels as it navigates to shipping’s net-zero goal
The oil and gas company is betting that hydrogen could be the fuel of the future for shipping Read more at straitstimes.com.
- Electric vehicles are 'direct wealth transfer' from owners of gas-powered vehicles to EV owners, experts say
Experts warned that EVs pose numerous problems including technological, affordability, range, weather, infrastructure and economic concerns.
- Dover Fastrack zero emission bus service to launch with diesel buses amid electric delay
The county’s first zero-emission bus route will launch with diesel-powered vehicles - because purpose-built electric models will not be ready in time.
Go deeper with Google Headlines on:
Route to net zero emissions
[google_news title=”” keyword=”route to net zero emissions” num_posts=”5″ blurb_length=”0″ show_thumb=”left”]
Go deeper with Bing News on:
Net zero emissions
- IREDA CMD highlights India's commitment to achieving Net Zero emissions by 2070
During the discussion, the IREDA CMD shared insights into India's journey towards energy transition and underscored IREDA's crucial role in advancing renewable energy adoption within the country.
- Net zero does not mean ‘huge shift’ in everyday lives, top climate adviser says
Net zero does not mean ‘huge shift’ in everyday lives, top climate adviser says - The shift to zero emissions is an investment strategy for the UK, Climate Change Committee chief executive Chris Stark ...
- Biden administration sets goal to cut freight emissions to zero
Welcome to The Hill’s Energy & Environment newsletter{beacon} Energy & Environment Energy & Environment The Big Story Biden administration sets goal to cut ...
- White House unlocking $1.5 billion to support zero-emission trucks
The White House in March laid out its plan to establish a charging and refueling infrastructure network for zero-emission commercial trucks, an initiative that seeks to maximize the impact of charging ...
- Biden administration sets national goal to cut freight emissions to zero
The Biden administration on Wednesday laid out a national goal to cut emissions from freight shipping down to zero. A White House fact sheet did not include a date for this goal, but it comes on top ...
Go deeper with Google Headlines on:
Net zero emissions
[google_news title=”” keyword=”net zero emissions” num_posts=”5″ blurb_length=”0″ show_thumb=”left”]