A groundbreaking study from the University of Oxford, published in Carbon Management, introduces the concept of a ‘Carbon Removal Budget’.
This innovative approach aims to complement the existing Carbon Budget by setting limits on the amount of carbon dioxide that can be extracted from the atmosphere.
Dr. Ben Caldecott, a leading expert from the Oxford Smith School of Enterprise and the Environment, emphasizes the critical role of carbon removal in achieving net zero emissions: “Carbon removal is the ‘net’ in ‘net zero’ and it is mission critical for tackling climate change. However, carbon removal is not in infinite supply and is certainly not free to produce.”
To curb global warming, we must reduce the overall level of carbon in the atmosphere. This involves eliminating emissions wherever possible and offsetting remaining pollution through carbon removal.
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While traditional methods like reforestation are valuable, newer technologies and approaches are also essential. Nevertheless, the capacity for carbon removal is restricted by factors such as energy consumption and land availability.
The proposed Carbon Removal Budget would establish a framework for valuing and distributing this limited resource.
Similar to the Carbon Budget for emissions, it would help determine how much carbon removal is required, which methods are most effective, and how to allocate removal efforts fairly among nations, industries, and financial institutions.
The researchers highlight the importance of prioritizing carbon reduction over offsetting emissions through removal.
They argue that fossil fuel companies should focus on cutting their emissions rather than relying on carbon removal as a short-term solution.
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The study concludes that incorporating carbon removal budgets into decision-making is crucial for combating climate change. This approach will be essential for governments, businesses, and financial institutions as they transition to a net zero future.
Dr Injy Johnstone, Research Fellow at the Oxford Sustainable Finance Group and co-author said, “We have seen growing interest by private and public actors alike in how we can scale carbon removal. Companies like Microsoft, for instance, are making big voluntary investments in new types of carbon removal. At the same time, many countries, including the UK, are also considering how they too can drive demand for carbon removal, including by integrating carbon removal into existing compliance emissions trading or tax regimes.”
Dr Johnstone added, “However, carbon removal is a scarce resource, one which not all countries or companies have the same capacity to develop and deploy, meaning we need a Carbon Removal Budget to help equitably manage both supply and demand.”
