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Our Carbon Future White Paper

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Shifting the goalposts: from reducing to reversing “The solution is often described in terms of decarbonization, low carbon strategies, and reduced carbon footprints. That makes sense when it refers to fossil fuels, but carbon is not the bad boy. [...] Carbon is ubiquitous, contained in 90 percent of every compound on Earth because it’s gregarious; it loves to mix it up.”27 Paul Hawken, Editor, Drawdown: The Most Comprehensive Plan Ever Proposed to Reverse Global Warming Ambitious as the 1.5-2°C goal is from where we stand today, there is a growing contingent within the climate movement that dares to name a yet more ambitious goal: reversing global warming. As Paul Hawken put it in his speech at the Carbon Productivity basecamp in 2017, “If you’re going down the wrong road, slowing down isn’t enough. You have to stop and turn around.” This proposed shifting of the goalposts has implications for what we measure. Over the past couple of decades, extraordinary progress has been made in developing a robust infrastructure for disclosure of emissions data. More than 6,300 companies and 500 cities disclose emissions data to the Carbon Disclosure Project (CDP). Investors with assets worth more than $87 trillion make use of that data — as do corporate procurement teams with collective purchasing power of more than $3 trillion.28 Now we need to build the same level of transparency, backed by rigorous standards, around car- bon removal and Carbon Productivity. Methodologies are emergent, but, as yet, we lack an equiv- alent to the Greenhouse Gas Protocol29 for carbon removal. Similarly, shifting the goal from reducing emissions to reversing global warming has implications for the targets and incentives that companies, investors and policy-makers set. According to CDP, 9 out of 10 companies now have emissions reduction targets in place.30 More than 100 companies have set approved Science-Based Targets.31 While this progress is welcome, the next frontier is to set targets that go beyond zero emissions — aiming instead for a net positive impact on the climate. 27 http://greenmoneyjournal.com/hawken/ 28 https://www.cdp.net/en/info/about-us 29 http://www.ghgprotocol.org/ 30 https://www.cdp.net/en/research/global-reports/tracking-climate-progress-2017 31 http://sciencebasedtargets.org/ 12

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