Dr. Myles Allen of the University of Oxford has proposed a new solution to hold fossil fuel companies accountable for their carbon emissions. The carbon capture obligation requires companies that benefit from fossil fuel extraction to pay for the equivalent volume of carbon dioxide stored in the soil. The technology to capture and store carbon dioxide already exists, and it is now technically possible to implement this system. The proposed system would ensure a neutral impact on the climate while also costing companies for their emissions. Unlike a carbon tax, this system will not discourage the use of fossil fuels by raising prices. Rather, it will ensure that companies are responsible for the emissions they produce. This solution could help the world reach its net zero emissions target by 2050. To learn more about the carbon capture obligation and its potential impact, visit here to read article.
Expanding Producer Responsibility with Carbon Capture Obligation:
Technology to capture and store carbon dioxide is progressing, it is now technically possible, said Dr. Myles Allen.
“We already have the technology – what is always lacking is effective policy. Failure is policy, not technology,” he said.
Companies that benefit from fossil fuel extraction – oil, gas and coal companies around the world – must pay for the equivalent volume of carbon dioxide stored in the soil, which must be the condition. for them to be allowed to operate, he argued.
Allen and four other scientists from Oxford, the US and the Netherlands are the authors of a paper published in the journal Environmental Research Letters, presenting the idea of expanding the responsibility of fossil fuel producers.
Expanding Producer Responsibility with Carbon Capture Obligation-1
Under the “carbon capture obligation”, all fossil fuels extracted or imported into a country or group of countries must be compensated by storing underground an amount of carbon dioxide equivalent to that of carbon dioxide. emissions from those fuels. Applied chronologically, this rule will cause 100% of emissions to be stored by 2050, helping the world reach its net zero emissions target.
Unlike a carbon tax that discourages the use of fossil fuels by raising prices, the paper’s authors argue, the system they propose will ensure a neutral impact on the climate, while also costing This will be included in the cost of fossil fuel production.
Currently, carbon capture and storage technology is still very expensive, but in the next few decades the cost will drop sharply, according to the article. This would allow carbon dioxide to be stored in the “geosphere” (underground) rather than in the biosphere (forests and vegetation), which is already under pressure due to the need for so much land to grow food on the earth. around the world.
“When you create so much carbon dioxide, you have to store it somewhere, and you can’t rely on the biosphere, because it also needs the biosphere to produce food. So it will have to go underground. This is a clear policy that will deliver the results we need,” Allen said.
But Allen failed in his attempt to turn the idea into policy in 2015. Nominally, his proposal received support from the government and the opposition, but ultimately failed due to formalities. of parliament and is not subject to review.
Along with the carbon tax on high-carbon products (CBAM), a carbon capture solution can be effective by imposing fines or preventing fossil fuel imports from countries that do not impose certain penalties. sense of carbon reduction obligations on their industries.
Hugh Helferty, retired director of strategic research at ExxonMobil and an author of the paper, said that if you want to maintain the 1.5C target, you have to somehow figure out how much it will cost to get rid of it. carbon.
“Who will pay this? Is it the taxpayer, or the producer, or the producer and the consumer paying together?” he asked the question. “Manufacturers and users should be the ones paying this cost, not the taxpayer. That puts emissions reduction efforts in the right place.”
Several other scientists not involved in the paper welcomed the idea.
According to Dr Hannah Chalmers, Associate Professor of Sustainable Energy Systems at the University of Edinburgh, “Introducing expanded producer responsibility to fossil fuels will be a game-changer for us. successfully respond to the challenge of providing affordable, low-carbon energy.”
Paul Ekins, Professor of Environmental and Resource Policy at University College London, said: “There is an urgent need for new policies to reduce CO2 emissions. [Đề xuất này] provides a way to build the massive carbon capture and storage infrastructure needed to reach the 1.5°C target, according to current models. The meeting [về khí hậu của Liên Hợp Quốc] It is urgent to start discussing such measures before there is no chance of achieving the goal.”
What could we see?
The carbon capture obligation proposed by Dr. Myles Allen and his team of scientists could be a game-changer in the fight against climate change. By holding fossil fuel companies accountable for their carbon emissions, we can take a big step towards reaching the net zero emissions target. It is urgent that we start discussing and implementing measures like the carbon capture obligation before it is too late.
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