Producer Accountability for Carbon Emissions (PACE) is a group of former oil industry executives and energy experts who share the same goal:
To meet global Net Zero by 2050 by requiring fossil fuel producers to take responsibility for the carbon pollution that results from their products and activities.
According to the UN, achieving Net Zero means “cutting greenhouse gas emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere.”
As we’ve known for years, most greenhouse gas emissions come from producing and burning fossil fuels. While these fuels remain important for meeting society’s energy needs as we work to make alternative energy sources more widely available, action must be taken now to address their effect on the environment.
Producers of fossil fuels have enormous financial resources and innovative potential that they could apply to reducing the amount of carbon dioxide in our atmosphere. It’s time that the same producers that profit from oil and gas also address the consequences of these products. A level playing field should be created so that all producers—and not taxpayers—shoulder the financial burden of these consequences.
We must work together to achieve net-zero carbon emissions by 2050.
We support approaches, such as the Carbon Takeback Obligation (CTBO), aimed at ensuring that any remaining fossil energy use achieves net zero emissions by 2050. Our goal is neither to preserve nor to shut down the fossil fuel industry; how large the industry will be in 2050 will depend on how much energy is needed, how energy alternatives develop, and how successful the industry is in decarbonizing its products.
Carbon Takeback Obligation: Regulation requiring producers to store a rising fraction of the carbon dioxide associated with their activities and — crucially — the products they sell.
For more detailed information, modeling, and the latest news on the Carbon Takeback Obligation, please visit carbontakeback.org.