Companies that benefit from the extraction of fossil fuels such as oil, gas, and coal should pay for a proportional amount of carbon dioxide to be stored geologically
A new study by scientists from the UK, the US, and the Netherlands has found that fossil fuel companies should be forced to capture the carbon dioxide emitted from their products, as a part of their responsibility.
According to a report in the Guardian on Thursday, January 12, this is argued by Myles Allen, a professor of geosystems science at the University of Oxford in a study titled “Extended producer responsibility for fossil fuels”.
The study which has been co-authored by Alan along with four other scientist’s states, “The principle that the producer of pollution should pay for its clean-up is established around the world but has never been applied to the climate crisis”.
He further said, “The companies that profit from extracting fossil fuels – oil, gas, and coal producers around the world, should be paying for an equivalent quantity of carbon dioxide to be stored geologically as a condition of being allowed to operate”.
Alan said that the technology to be able to capture as well as store carbon underground is advancing, adding, “what has always been lacking is an effective policy, the failure has been policy, not the technology we know how to do this.”
According to their theory, of making carbon takeback obligatory, as all the fossil fuel that is extracted and used is offset by storing underground, it could be used to store all the emissions by 2050. This way the world will be able to achieve net zero.
The study also says that although presently the cost of making the technology for storing and capturing carbon is expensive, this cost will substantially come down in a few decades.
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