Purchasing fossil fuel deposits could be a way to fight climate change

A new study from the University of Chicago has suggested that a multi-national climate coalition could purchase the extraction rights of dirty fossil fuels in third countries, and conserve rather than exploit these deposits in order to reduce carbon emissions.

According to the study’s author, Bard Hardstad, such a supply-side environmental policy avoids the problem of carbon leakage, which is an increase in pollution abroad relative to emission reductions in the participating countries.

“The analysis shows that progress on international climate policy is best achieved by simply utilising the existing market for extraction rights,” he said.

Read more at University of Chicago