The Carbon Takeback Obligation—A Proposal For Reaching Net Zero

Researchers from Oxford Net Zero, a University of Oxford interdisciplinary research initiative dedicated to climate neutrality, and other climate-focused organizations, have proposed a policy mechanism to combat climate change. The Carbon Takeback Obligation, which is gaining traction across Europe, would require fossil fuel producers to permanently sequester a percentage of the carbon dioxide ("CO2") generated by their products.

Background

The Paris Agreement establishes a global framework to combat climate change by limiting global warming to below 2°C above pre-industrial levels and pursuing efforts to further limit that number to 1.5°C. However, to successfully limit the increase of global warming at this level, greenhouse gas emissions need to be reduced to net zero by 2050. One critical technology in reducing greenhouse gas emissions is Carbon Capture and Storage ("CCS"). CCS captures CO2 at the source by separating CO2  from other gases and compressing it;