We’re delighted to share with our community the publication of the new paper, ‘Upstream decarbonization through a carbon takeback obligation: An affordable backstop climate policy’, from Prof Stuart Haszeldine, UKCCSRC Deputy Director, co-authored with Stuart Jenkins, Eli Mitchell-Larson, Matthew C Ives, and Myles Allen.
This paper demonstrates how a ‘Carbon takeback obligation’ mechanism, if enforced consistently, would enable hydrocarbon industries to meet Net Zero targets by 2050, as outlined in the Paris Agreement.
Unlike current proposals for carbon taxes or ETS certificates which effectively allow hydrocarbon industries to continue polluting; this new mechanism will place an obligation directly onto extractors and importers of fossil fuels to safely and permanently, dispose of a progressively rising fraction of the carbon dioxide (CO2) generated by their activities and the products that they sell.
This paper addresses the key global economic implications for governments, industry and consumers; and explores the associated risks.
You can read the paper here: Upstream decarbonization through a carbon takeback obligation: An affordable backstop climate policy.
Well done to all involved.