IDEAS home Printed from https://ideas.repec.org/a/spr/climat/v174y2022i1d10.1007_s10584-022-03423-x.html
   My bibliography  Save this article

Prosets: a new financing instrument to deliver a durable net zero transition

Author

Listed:
  • Eli Mitchell-Larson

    (University of Oxford)

  • Myles Allen

    (University of Oxford)

Abstract

Interest in carbon offsetting is resurging among companies and institutions, but the vast majority of existing offerings fail to enable a credible transition to a durable net zero emission state. A clear definition of what makes an offsetting product “net zero compliant” is needed. We introduce the “proset”, a new form of composite carbon credit in which the fraction of carbon allocated to geological-timescale storage options increases progressively, reaching 100% by the target net zero date, generating predictable demand for effectively permanent CO2 storage while making the most of the near-term opportunities provided by nature-based climate solutions, all at an affordable cost to the purchaser.

Suggested Citation

  • Eli Mitchell-Larson & Myles Allen, 2022. "Prosets: a new financing instrument to deliver a durable net zero transition," Climatic Change, Springer, vol. 174(1), pages 1-13, September.
    • Handle: RePEc:spr:climat:v:174:y:2022:i:1:d:10.1007_s10584-022-03423-x
    DOI: 10.1007/s10584-022-03423-x
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10584-022-03423-x
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s10584-022-03423-x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Brendan Mackey & I. Colin Prentice & Will Steffen & Joanna I. House & David Lindenmayer Heather Keith & Sandra Berry, 2013. "Erratum: Untangling the confusion around land carbon science and climate change mitigation policy," Nature Climate Change, Nature, vol. 3(9), pages 847-847, September.
    2. García, Jorge H. & Torvanger, Asbjørn, 2019. "Carbon leakage from geological storage sites: Implications for carbon trading," Energy Policy, Elsevier, vol. 127(C), pages 320-329.
    3. Brendan Mackey & I. Colin Prentice & Will Steffen & Joanna I. House & David Lindenmayer & Heather Keith & Sandra Berry, 2013. "Untangling the confusion around land carbon science and climate change mitigation policy," Nature Climate Change, Nature, vol. 3(6), pages 552-557, June.
    4. Barbara Haya & Danny Cullenward & Aaron L. Strong & Emily Grubert & Robert Heilmayr & Deborah A. Sivas & Michael Wara, 2020. "Managing uncertainty in carbon offsets: insights from California’s standardized approach," Climate Policy, Taylor & Francis Journals, vol. 20(9), pages 1112-1126, October.
    5. Pete Smith & Steven J. Davis & Felix Creutzig & Sabine Fuss & Jan Minx & Benoit Gabrielle & Etsushi Kato & Robert B. Jackson & Annette Cowie & Elmar Kriegler & Detlef P. van Vuuren & Joeri Rogelj & Ph, 2016. "Biophysical and economic limits to negative CO2 emissions," Nature Climate Change, Nature, vol. 6(1), pages 42-50, January.
    6. Kate Dooley & Sivan Kartha, 2018. "Land-based negative emissions: risks for climate mitigation and impacts on sustainable development," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 18(1), pages 79-98, February.
    7. Emily Cox & Elspeth Spence & Nick Pidgeon, 2020. "Public perceptions of carbon dioxide removal in the United States and the United Kingdom," Nature Climate Change, Nature, vol. 10(8), pages 744-749, August.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wim Carton & Adeniyi Asiyanbi & Silke Beck & Holly J. Buck & Jens F. Lund, 2020. "Negative emissions and the long history of carbon removal," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 11(6), November.
    2. Yu, Ziyue & Deng, Xiangzheng & Cheshmehzangi, Ali & Mangi, Eugenio, 2023. "Structural succession of land resources under the influence of different policies: A case study for Shanxi Province, China," Land Use Policy, Elsevier, vol. 132(C).
    3. Kanwal, Saira & Mehran, Muhammad Taqi & Hassan, Muhammad & Anwar, Mustafa & Naqvi, Salman Raza & Khoja, Asif Hussain, 2022. "An integrated future approach for the energy security of Pakistan: Replacement of fossil fuels with syngas for better environment and socio-economic development," Renewable and Sustainable Energy Reviews, Elsevier, vol. 156(C).
    4. Laurie Waller & Tim Rayner & Jason Chilvers & Clair Amanda Gough & Irene Lorenzoni & Andrew Jordan & Naomi Vaughan, 2020. "Contested framings of greenhouse gas removal and its feasibility: Social and political dimensions," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 11(4), July.
    5. Yiannis Moustakis & Tobias Nützel & Hao-Wei Wey & Wenkai Bao & Julia Pongratz, 2024. "Temperature overshoot responses to ambitious forestation in an Earth System Model," Nature Communications, Nature, vol. 15(1), pages 1-18, December.
    6. Migo-Sumagang, Maria Victoria & Tan, Raymond R. & Aviso, Kathleen B., 2023. "A multi-period model for optimizing negative emission technology portfolios with economic and carbon value discount rates," Energy, Elsevier, vol. 275(C).
    7. Ayami Hayashi & Fuminori Sano & Takashi Homma & Keigo Akimoto, 2023. "Mitigating trade-offs between global food access and net-zero emissions: the potential contribution of direct air carbon capture and storage," Climatic Change, Springer, vol. 176(5), pages 1-19, May.
    8. Kate Dooley & Aarti Gupta, 2017. "Governing by expertise: the contested politics of (accounting for) land-based mitigation in a new climate agreement," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 17(4), pages 483-500, August.
    9. Agni Kalfagianni & Oran R. Young, 2022. "The politics of multilateral environmental agreements lessons from 20 years of INEA," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 22(2), pages 245-262, June.
    10. Parrish Bergquist & Christopher Warshaw, 2023. "How climate policy commitments influence energy systems and the economies of US states," Nature Communications, Nature, vol. 14(1), pages 1-9, December.
    11. Ángel Galán-Martín & Daniel Vázquez & Selene Cobo & Niall Dowell & José Antonio Caballero & Gonzalo Guillén-Gosálbez, 2021. "Delaying carbon dioxide removal in the European Union puts climate targets at risk," Nature Communications, Nature, vol. 12(1), pages 1-12, December.
    12. Clements, Jen & Lobley, Matt & Osborne, Juliet & Wills, Jane, 2021. "How can academic research on UK agri-environment schemes pivot to meet the addition of climate mitigation aims?," Land Use Policy, Elsevier, vol. 106(C).
    13. Sven Teske & Thomas Pregger & Sonja Simon & Tobias Naegler & Johannes Pagenkopf & Özcan Deniz & Bent van den Adel & Kate Dooley & Malte Meinshausen, 2021. "It Is Still Possible to Achieve the Paris Climate Agreement: Regional, Sectoral, and Land-Use Pathways," Energies, MDPI, vol. 14(8), pages 1-25, April.
    14. An, Keju & Farooqui, Azharuddin & McCoy, Sean T., 2022. "The impact of climate on solvent-based direct air capture systems," Applied Energy, Elsevier, vol. 325(C).
    15. Elspeth Spence & Emily Cox & Nick Pidgeon, 2021. "Exploring cross-national public support for the use of enhanced weathering as a land-based carbon dioxide removal strategy," Climatic Change, Springer, vol. 165(1), pages 1-18, March.
    16. Femke J. M. M. Nijsse & Jean-Francois Mercure & Nadia Ameli & Francesca Larosa & Sumit Kothari & Jamie Rickman & Pim Vercoulen & Hector Pollitt, 2023. "The momentum of the solar energy transition," Nature Communications, Nature, vol. 14(1), pages 1-10, December.
    17. Galán-Martín, Ángel & Contreras, María del Mar & Romero, Inmaculada & Ruiz, Encarnación & Bueno-Rodríguez, Salvador & Eliche-Quesada, Dolores & Castro-Galiano, Eulogio, 2022. "The potential role of olive groves to deliver carbon dioxide removal in a carbon-neutral Europe: Opportunities and challenges," Renewable and Sustainable Energy Reviews, Elsevier, vol. 165(C).
    18. Qi, Songqiao & Sun, Tianmin, 2024. "Resource curse in OPEC with varied levels of financial regulations and constraints: The role of oil price shocks and digital finance," Resources Policy, Elsevier, vol. 91(C).
    19. Matamala, Yolanda & Flores, Francisco & Arriet, Andrea & Khan, Zarrar & Feijoo, Felipe, 2023. "Probabilistic feasibility assessment of sequestration reliance for climate targets," Energy, Elsevier, vol. 272(C).
    20. Gregory Trencher & Sascha Nick & Jordan Carlson & Matthew Johnson, 2024. "Demand for low-quality offsets by major companies undermines climate integrity of the voluntary carbon market," Nature Communications, Nature, vol. 15(1), pages 1-15, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:climat:v:174:y:2022:i:1:d:10.1007_s10584-022-03423-x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.