Licence to chill

Abstract

Solar Radiation Management (SRM) has been suggested as a technique to counteract some of the changes expected as a result of Anthropogenic Global Warming (AGW).¹ It has been suggested² that SRM could be carried out by commercially motivated actors. This process has been envisaged as using the Voluntary Carbon Offset (VCO) market as a mechanism for monetising the SRM process, due to the secondary effects of SRM on the carbon cycle.³ Current VCO customers are typically businesses: those looking to be ‘carbon neutral’ or reselling offsets alongside high-carbon goods and services (for example, airlines). Other potential VCO customers include states, or philanthropists. In this short scoping paper we provide a broad overview the issues of regulation and legitimacy, as may be applicable to the activities of future commercial SRM actors. We discuss the need for a two-pronged regulatory approach, encompassing first legal and corporate regulation and second, scientific and technical regulation. In conclusion, we identify differing regulatory requirements, according to whether the intended effect on the climate system of the SRM industry, or of individual firms, can be regarded as de minimis. We additionally suggest the use of a two-tier marketplace structure in order to ensure regulatory demands can be efficiently and transparently enacted.