Fri 11 March 2022:
A think tank has warned that to meet global climate targets, removing carbon dioxide from the air will now be essential. As per the energy transitions commission, there is a need to tidy up carbon offset markets. This will form a critical route to limiting global heating to 1.5C in line with scientific warnings.
Lord Adair Turner, the energy transitions commission in a report by The Guardian said, “We would encourage the tidying up of what has been an area with loose standards and loose claims.”
“It would be very unfortunate to take the past problems of the carbon markets and use that to say we should not use them at all. This is potentially a very large flow of money. So we should try to make sure that financial flow, which is valuable, is provided.”
He further said that the carbon markets were viewed with suspicion because of being subjected to mismanagement and abuse.
Turner said carbon markets should be better regulated, to ensure that the cash they can generate is directed towards projects that provide genuine reductions in greenhouse gas emissions. That could be achieved by modelling the markets on existing financial trading, and by using modern monitoring techniques such as satellites to verify that emissions reductions have taken place, or that trees and forests were still standing.
Turner warned that these technologies should not be seen as a “get out of jail free card”, which companies and others could rely on to avoid having to switch to renewable energy or finding other ways of cutting their greenhouse gas emissions. Carbon removal could not be enough on its own, but would be needed to supplement green energy, he said.
The report further found out that more than $200 billion in a year of funding is required to remove enough carbon to stay within 1.5C.
Over the next three decades, this would amount to about 0.25 per cent of the global GDP.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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