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

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  • 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
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    References listed on IDEAS

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