Letter Mark Campanale, Carbon Tracker: Mark Moody-Stuart is right to highlight the importance of a global carbon price as an essential element in reducing emissions. This is supported by many think-tanks and civil society organisations. For example, Carbon Tracker is a signatory to the Vatican statement along with the international oil companies and investors. The plans of the majority of international oil companies to increase production, while knowing that most fossil fuels have to remain underground, remains the central challenge, however. Carbon Tracker estimates that the proven reserves of oil and gas are already a multiple of what can possibly be burnt. Cancellation of new exploration licences and capital expenditure is now urgent. At the Vatican, Mary Robinson, chair of The Elders, called for a firm commitment to halt plans for future fossil fuel extraction. Additionally, she called for the development of a comprehensive, transparent database of all existing fossil fuel assets and reserves. This would constitute a global registry of future emissions of carbon dioxide, in the form of existing and planned fossil fuel projects. This registry could issue tradable permits to produce, capping volume associated with “well below 2C”.
FT 15th July 2019 read more »