Oil companies can stop global warming, but they await a payer
In short: Climate scientist Myles Allen argues that oil and gas companies possess the technology to mitigate global warming. The obstacle isn''t a lack of innovation, but a lack of financial incentive. He proposes a radical shift: making carbon disposal a mandatory condition of doing business.
The core of the issue, according to Oxford physicist Myles Allen, is that the fossil fuel industry is waiting for someone else to foot the bill for decarbonization. Rather than a total ban on carbon-emitting fuels, Allen proposes a 'carbon takeback' model. Under this licensing requirement, firms are obligated to guarantee the secure, lasting sequestration of one tonne of carbon dioxide for each tonne produced via fossil fuel combustion. This strategy avoids the political friction of dictating how citizens live, focusing instead on the entities that profit most from the current system.
The mechanism relies on 'Geological Net Zero'—the capture and geological storage of CO2 deep underground. Under this proposed Act of Parliament, any entity selling products in the UK that contribute to global warming would have a 25-year window to implement these technologies. The goal is to reach net-zero emissions by 2050, effectively creating a new, global industry dedicated to carbon dioxide disposal. This transition would essentially transform the industry into a carbon dioxide disposal service. The timeline for this shift would begin with the implementation of a clear legislative mandate.
Critics and politicians often frame climate policy as a divisive 'woke agenda,' but Allen suggests a pragmatic, market-driven approach. He argues that if coordinated internationally and paired with reduced demand for expensive marginal fields, the carbon-neutral fuels of the 2050s could be no more expensive than today's dirty fuels. He predicts that by 2035, such a scheme would increase petrol prices by merely a few pence per litre, bypassing lifestyle restrictions by targeting the primary beneficiaries of the existing framework. This approach is particularly urgent given that global temperatures have recently exceeded 1.5°C above pre-industrial levels. It seeks to address rising methane and CO2 emissions without relying solely on reforestation efforts.
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Sources
- Summary by Intellect · source: Fossil fuel companies know how to stop global warming. Why don't they? | Myles Allen
- Also: Carbon Takeback: How We Will Stop Fossil Fuels from Causing Global Warming
- Also: Fossil fuel companies know how to stop global warming. Why don't they? - Linacre College
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