A new study from the University of Oxford has proposed a novel “Carbon Removal Budget” to help tackle climate change by managing the finite availability of carbon removal methods and allocating them fairly among countries, companies, and financial institutions. The study, published in the journal Carbon Management, highlights the importance of carbon removal in achieving net zero emissions and proposes a framework for valuing and allocating this critical resource.
NEED FOR A CARBON REMOVAL BUDGET
To limit global warming, it is essential to level off the cumulative stock of carbon in the atmosphere and achieve net zero emissions. However, carbon removal is not infinite, and its availability is constrained. Traditional carbon removal methods, such as planting trees and restoring wetlands, are part of this mix, but more novel options like biochar and technologies that directly capture and store carbon are also being developed. The authors argue that a Carbon Removal Budget is necessary to value this finite removal capacity and allocate it in a fair and effective way.
BENEFITS OF A CARBON REMOVAL BUDGET
A Carbon Removal Budget would provide several benefits, including:
* Valuing the finite availability of carbon removal methods
* Allocating carbon removal capacity fairly among countries, companies, and financial institutions
* Prioritizing carbon removal methods based on their effectiveness and scalability
* Identifying impediments to the development and deployment of different types of carbon removal methods
* Ensuring that carbon removal is used in a way that is equitable and efficient
IMPLICATIONS FOR COMPANIES AND GOVERNMENTS
The authors argue that companies like Microsoft, which are making voluntary investments in new types of carbon removal, should prioritize reducing their own emissions rather than relying on carbon removal. They also suggest that governments should integrate carbon removal into existing compliance emissions trading or tax regimes to ensure that it is used effectively.
The proposed Carbon Removal Budget is a critical step towards achieving net zero emissions and tackling climate change. By valuing and allocating this finite resource fairly, we can ensure that it is used effectively and efficiently. The authors hope that their research will contribute to an urgent global conversation about how to manage carbon removal and achieve a sustainable future.
