“In this commentary, we share some perspectives on how to ensure high-ambition and high-integrity with respect to demand for and supply of credits. Crucially, we argue that companies’ investments in NBS should only qualify for consideration as carbon credits if the company can demonstrate that it is doing all that it should to eliminate carbon emissions from its operations and value chains, aligned with Science-Based Targets. The remainder of this commentary describes why, and how this would work.“
More than 1,500 companies have committed to net-zero emissions by mid-century, as have 11,000 cities and at least $9 trillion in private assets under management. This raises crucial questions as to how much offsetting of carbon can take place in mid-century and, more importantly, how much can take place on the path to get there. The January 2021 report of the Taskforce on Scaling the Voluntary Carbon Market suggested a market of 1-5 Gigatons of CO2e by 2030, with perhaps two-thirds directed at Nature Based Solutions (NBS), meaning that tens of billions of dollars of investment in NBS are potentially at stake.
The production of steel, cement, and ammonia emit about one-fifth of all human-caused CO2. Technologies are emerging to decarbonize these problem industries, but analysts warn that big challenges remain.
We know how to decarbonize energy production with renewable fuels and land transportation with electric vehicles. Blueprints for greening shipping and aircraft are being drawn up. But what about the big industrial processes? They look set to become decarbonization holdouts — the last and hardest CO2 emissions that we must eliminate if we are to achieve net-zero emissions by mid-century. In particular, how are we to green the three biggest globally-vital heavy industries: steel, cement, and ammonia, which together emit around a fifth of anthropogenic CO2?
Our modern urban environments are largely constructed from concrete — which is made from cement — and steel. Most of our food is grown through the application of fertilizer made from ammonia. These most ubiquitous industrial materials are produced at huge expense of energy and carbon dioxide emissions.
Steel is arguably the single most important resource when it comes to constructing infrastructure.
From roads to railways and the skeleton of most buildings, it is at the very heart of nearly every city on earth. Within those cities, the cars on the road, the cutlery in our kitchens and the furniture in our offices all rely on steel production. Steel production, however, is an incredibly energy intensive process, and the vast majority of this energy comes from fossil fuels.
Globally, steel is responsible for 7-9 percent of all direct emissions from fossil fuels. Most of those emissions come from the burning of coal, which makes up 89 percent of the energy input for blast furnace-basic oxygen furnace (BF-BOF) and 11 percent of the energy input of electric arc furnaces (EAF). Of those two types of steel production, BF-BOF is far more common, making up 75 percent of steel that is produced compared to 25 percent from EAF. Globally, steel is responsible for 7-9% of all direct emissions from fossil fuels.
Summary:Serious flaws have been found in a decade’s worth of studies about the best way to reduce greenhouse gas emissions and stabilize the climate, report experts in a new article.
Serious flaws have been found in a decade’s worth of studies about the best way to reduce greenhouse gas emissions and stabilize the climate.
sciencedaily – The findings, from the University of Michigan, are released as world leaders at COP21 attempt to negotiate the globe’s first internationally binding climate agreement.
The U-M researchers have found that most economic analysis of carbon capture and storage, or CCS, technology for coal-fired power plants severely underestimates the technique’s costs and overestimates its energy efficiency. CCS involves sucking carbon out of coal-fired power plants’ flue gases, compressing it and then injecting it deep underground.