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.”
The transition away from fossil fuels is both crucial and urgent, but it will not happen overnight. While we wean ourselves from fossil fuels, it is absolutely vital to address emissions from the remaining fossil fuel use.
It’s time that the same producers that profit from oil and gas also address the the pollution that is generated by these products in the form of carbon dioxide (CO2). Producers of fossil fuels have enormous financial resources and innovative potential that they could apply to reducing the amount of CO2 in our atmosphere. A level playing field should be created so that all producers—and not taxpayers—shoulder the financial burden of this carbon cleanup.
Through our partnership with the Carbon Balance initiative, we aim to address the current gap in policy: what happens between now and the day when we’ve completely eliminated fossil fuels?
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. This policy would work in combination with policies aimed at reducing demand for fossil fuels and rapidly increasing the supply of alternative energy.