New report pinpoints carbon sequestration as critical to reduce emissions
Source: https://safety4sea.com/new-report-pinpoints-carbon-sequestration-as-critical-to-reduce-emissions/
According to the report, time has run out to avoid dangerous climate change by reducing emissions alone. In scenarios analysed by the Intergovernmental Panel on Climate Change (IPCC), limiting warming to 1.5°C is only possible with both rapid reductions in global greenhouse gas (GHG) emissions and the removal of emissions from the atmosphere. Storing carbon away from the atmosphere is essential, both to prevent greenhouse gases from entering the atmosphere and to remove them from it.
The report notes that while conventional carbon accounting is simple and economically flexible, it does not consider crucial differences between different sources and sinks of GHG emissions. As a result, it proposes the following actions:
- The Government should prioritise the development of long-lived geological and mineral storage technologies.
- Measures to restore CO2 released from carbon sinks should be reviewed and enhanced as appropriate.
- Policies to incentivise sequestration should take account of trade-offs and unintended consequences for food and water security, the environment, and communities. (PI.10)
- Australia should prioritise sequestration approaches that make optimum use of resources (land, energy, and water) for the mass of carbon stored. Addressing market imperfections would enable markets to better resolve trade-offs in an economically efficient way.