Oxford University Research Study: Researchers at the University of Oxford recently proposed an innovative strategy to combat climate change: the "Carbon Removal Budget." Their publication in Carbon Management suggests that, alongside existing carbon emission targets such as global CO2 emission limits, they propose creating a separate budget dedicated to carbon removal as part of a framework aiming for "net zero emissions."
Carbon Removal Benefits and Strategies
Dr. Ben Caldecott, Lombard Odier Associate Professor at Oxford's Smith School of Enterprise and Environment and lead author of this study, discussed carbon removal's significance: It serves as the net in "net zero" and is essential to combatting climate change; however, its production does not come free. "Carbon removal cannot come without consequence, however," he stressed.
Net zero refers to reducing emissions as much as possible while offsetting any remaining ones by extracting carbon from the atmosphere. While traditional techniques, like planting trees and restoring wetlands, are effective carbon removal strategies, newer ones like biochar (a form of charcoal used for sequestering carbon) and advanced carbon capture technologies are becoming part of this solution.
Why Establish a Carbon Removal Budget?
The Carbon Removal Budget (CRB) was devised to effectively allocate limited resources available for carbon removal. Dr. Caldecott stressed that, much like how the Carbon Budget helps manage emissions around the world, the CRB would help manage what carbon can safely be removed from our atmosphere.
"The Carbon Removal Budget represents the cumulative amount of carbon removal available to meet global temperature goals. To make the best use of it, we need a way to value this finite capacity fairly and effectively," Caldecott stated.
This approach recognizes that carbon removal resources are limited. Some methods, such as direct air capture (DAC), require significant energy use and land requirements; thus, we must utilize our limited resources efficiently and equitably.
Subcontinous Carbon Removal presents various challenges
Carbon removal can be challenging. Carbon sequestration through traditional means such as tree planting and wetland restoration takes decades to sequester significant quantities. At the same time, new technologies, like Digital Atmosphere Capture (DAC), may only recently come onto the scene and require substantial investment to develop fully.
Dr. Injy Johnstone, Research Fellow of Oxford Sustainable Finance Group and co-author of this study highlighted how private companies and governments increasingly engage in carbon removal efforts. According to Johnstone's findings, "Both private and public actors alike are showing an increasing interest in how we can scale carbon removal; companies like Microsoft are making large voluntary investments into new forms of carbon removal while many countries, including the UK, are considering ways they too can drive demand by integrating carbon removal into compliance emissions trading or tax regimes," as stated by Johnstone's statement.
Johnstone also highlighted that carbon removal is a scarce resource; not all countries or companies possess equal capacity to develop and deploy carbon removal technologies, so a Carbon Removal Budget must be managed for supply and demand management purposes.
Key Questions Addressed by the Carbon Removal Budget
Researchers assert that creating a Carbon Removal Budget can address several pressing concerns:
- How Much Carbon Needs to be Removed, and when? If we wish to meet global climate goals, it is key that we understand the exact quantity and timing of carbon removal efforts. Thus, creating the Carbon Removal Budget can provide a structured way of aligning them with temperature targets.
- Which carbon removal methods should be prioritized? Multiple techniques exist, each with its own set of challenges and benefits. A budget can help identify the most cost-effective, scalable, and sustainable methods.
- What barriers exist to expanding carbon removal? Identifying and addressing impediments to expanding carbon removal is vitally important; policymakers and investors could use their budgets as guidance in finding strategies to tackle them.
- How should carbon removal be allocated? A key question when allocating limited carbon-removal capacities among countries, companies, and financial institutions is how to do so in an equitable and effective manner to achieve net zero emissions. This process must ensure everyone can contribute to reaching zero emissions.
Are fossil fuel companies taking a new approach to business?
Researchers identified carbon removal technologies used by fossil fuel companies as one of the primary issues. Dr. Caldecott wondered whether these companies should continue relying on carbon removal solutions when alternative means are available to reduce their emissions.
"For instance, it may not make sense for a fossil fuel company to invest in carbon removal today when there are proven strategies available for reducing emissions now, especially given our need to preserve removals for future emissions that will be hard or impossible to eradicate," Caldecott noted.
Integration of Carbon Removal Budget into Decision-Making
Researchers conclude that embedding a Carbon Removal Budget into decision-making is essential to creating an effective global response to climate change. As more companies, countries, and financial institutions develop plans for net zero emissions goals, managing finite carbon removal capacity becomes even more crucial.
Dr. Johnstone believes this new budget will ensure the growing interest in carbon removal is met by sustainable and equitable supply: "The Carbon Removal Budget can equitably manage both supply and demand."
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As global climate targets approach, Oxford researchers' Carbon Removal Budget offers a feasible strategy for managing net zero emissions. Follow Education Post News for more such updates.
