EU's Climate Law Needs Clear Strategy for Large-Scale CO2 Removal and Carbon Debt Repayment
The EU's ambitious Climate Law aims to achieve net-negative emissions, but it lacks a clear strategy for large-scale CO2 removal and repaying carbon debt. As atmospheric CO2 concentrations rise, putting future generations at risk, immediate action is needed to establish responsibility for carbon debt.
Interest payments on carbon debt can act as a 'rental fee' for temporarily storing CO2 in the atmosphere. To manage this, emission trading schemes could introduce 'carbon removal obligations', establishing legal responsibility for repayment. This could be facilitated during the next revision of the EU Emissions Trading System (ETS), involving the European Parliament, the Council of the European Union, and the European Commission.
Carbon pricing mechanisms, such as carbon taxes and emission trading schemes, can collect funds for carbon debt repayment. However, current trajectories lead to a 'carbon debt' where one tonne of CO2 must be removed for every additional tonne emitted after the 'carbon budget' depletion. Net-zero pledges by countries already assume substantial carbon debt, which could amount to 2 to 18 years of pre-COVID emissions.
To minimize carbon debt and associated risks, immediate action is needed to implement carbon removal obligations. This can help facilitate a more rapid path to net-negative emissions, as intended by the EU's Climate Law. Establishing clear responsibility for carbon debt repayment is crucial for the success of global climate efforts.
