Professor Myles Allen CBE FRS

Abstract:

The deployment of carbon dioxide removal (CDR) needs to be scaled up to achieve net zero emission pledges. In this paper we survey the policy mechanisms currently in place globally to incentivise CDR, together with an estimate of what different mechanisms are paying per tonne of CDR, and how those costs are currently distributed. Incentive structures are grouped into three structures, market-based, public procurement, and fiscal mechanisms. We find the majority of mechanisms currently in operation are underresourced and pay too little to enable a portfolio of CDR that could support achievement of net zero. The majority of mechanisms are concentrated in market-based and fiscal structures, specifically carbon markets and subsidies. While not primarily motivated by CDR, mechanisms tend to support established afforestation and soil carbon sequestration methods. Mechanisms for geological CDR remain largely underdeveloped relative to the requirements of modelled net zero scenarios. Commercialisation pathways for CDR require suitable policies and markets throughout the projects development cycle. Discussion and investment in CDR has tended to focus on technology development. Our findings suggest that an equal or greater emphasis on policy innovation may be required if future requirements for CDR are to be met. This study can further support research and policy on the identification of incentive gaps and realistic potential for CDR globally.

Abstract:

<jats:title>Abstract</jats:title> <jats:p>Energy policy faces a triple challenge: increasing resilience and guaranteeing the security of supply of both fossil and non-fossil energy, minimising the impact on consumer energy prices, and retaining consistency with Paris Agreement climate goals. High prices and producer rents, however, also present an opportunity: to open a conversation about applying the principle of extended producer responsibility (EPR) to fossil fuels. We demonstrate that this could deconflict energy security and climate policy at an affordable cost by stopping fossil fuels from causing further global warming. Implementing EPR through a combination of geological CO<jats:sub>2</jats:sub> storage and nature-based solutions can deliver net zero at comparable or lower costs than conventional scenarios driven with a global carbon price and subject to constraints on CO<jats:sub>2</jats:sub> storage deployment. It would also mean that the principal beneficiary of high fossil fuel prices, the fossil fuel industry itself, plays its part in addressing the climate challenge while reducing the risk of asset stranding.</jats:p>

Abstract:

How confident are we that CO2 emissions must reach net zero or below to halt CO2-induced warming? The IPCC's sixth assessment report concluded that “limiting human-induced global warming to a specific level requires … reaching at least net zero CO2 emissions.” This is much stronger language than the special report on the global warming of 1.5°C, which concluded that reaching net zero CO2 emissions would be sufficient. Here we show that “approximately net zero” is better supported than “at least net zero.” We estimate the rate of adjustment to zero emissions (RAZE) parameter (−0.24 to +0.17%/yr), defined as the fractional change in CO2-induced warming after CO2 emissions cease. The RAZE determines the CO2 emissions compatible with halting warming over multiple decades: in 1.5°C-consistent scenarios, CO2 emissions consistent with halting anthropogenic warming are +2.2 GtCO2/yr (5–95th percentile range spans −7.3 to +6.2 GtCO2/yr), similar to the expected emissions from unmodelled Earth system feedbacks.