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Methods for greenhouse gas offset accounting: A case study of ocean iron fertilization

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  • Rickels, Wilfried
  • Rehdanz, Katrin
  • Oschlies, Andreas

Abstract

Reducing atmospheric carbon concentration by removing past emissions can extend our rapidly diminishing emission budgets corresponding to the target of limiting the temperature increase to 2 °C above preindustrial levels. Forestation measures to offset carbon emissions have already entered the Kyoto Protocol. Other carbon offset options like ocean iron fertilization or chemically enhanced weathering are currently being analyzed. The analysis and comparison of such options requires determination of the amount of carbon credits generated that can be used for compliance. In our analysis we assess the impact of various accounting methods applied to large-scale sink enhancement projects, taking into account the partly temporary storage characteristics arising from such projects. We apply the various accounting methods to hypothetical large-scale Southern Ocean iron fertilization projects for different durations. From an economic perspective, issuing temporary carbon credits would provide the largest number of carbon credits at an early stage. This is equivalent to the existing tCER regulation under the Kyoto Protocol. Issuing temporary carbon credits for short-term ocean iron fertilization would also benefit the environment, as all credits would have to be replaced in the next commitment period. As some carbon will be stored permanently, this reduces atmospheric carbon concentration.

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  • Rickels, Wilfried & Rehdanz, Katrin & Oschlies, Andreas, 2010. "Methods for greenhouse gas offset accounting: A case study of ocean iron fertilization," Ecological Economics, Elsevier, vol. 69(12), pages 2495-2509, October.
    • Handle: RePEc:eee:ecolec:v:69:y:2010:i:12:p:2495-2509
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    2. Paschen, Marius & Meier, Felix & Rickels, Wilfried, 2022. "Accounting for terrestrial and marine carbon sink enhancement," Kiel Working Papers 2204, Kiel Institute for the World Economy (IfW Kiel), revised 2022.
    3. Rickels, Wilfried & Rehdanz, Katrin & Oschlies, Andreas, 2012. "Economic prospects of ocean iron fertilization in an international carbon market," Resource and Energy Economics, Elsevier, vol. 34(1), pages 129-150.
    4. Joko Tri Haryanto, 2016. "Study on Relationship between DAK Forestry Program and GHG Reduction Target in Indonesia," Journal of Social and Development Sciences, AMH International, vol. 7(2), pages 57-71.
    5. Rickels, Wilfried & Meier, Felix & Peterson, Sonja & Rühland, Sina & Thube, Sneha & Karstensen, Johannes & Posern, Conny & Wolff, Claudia & Vafeidis, Athanasios T. & Grasse, Patricia & Quaas, Martin, 2024. "The ocean carbon sink enhances countries’ inclusive wealth and reduces the cost of national climate policies," Open Access Publications from Kiel Institute for the World Economy 307006, Kiel Institute for the World Economy (IfW Kiel).

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