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The ACE science working group satellite concept calls for a combination of high spectral resolution aerosol lidar and a polarimeter able to determine vertical profiles of aerosol extinction and clouds. Here we discuss why an HSRL lidar is required to achieve these requirements. The primary advantage of an HSRL over an elastic backscatter lidar is that the HSRL channel allows for the independent retrieval of vertically resolved aerosol extinction without constraint. Not requiring a constraint means greater availability of retrievals in polar regions, on the night side, and in broken cloud situations, plus greater accuracy particularly in the lowest part of the atmosphere and in scenes with aerosol heterogeneity. Advantages go beyond the extinction products. Unlike attenuated backscatter, which is an integrated quantity, the aerosol backscatter coefficient depends only on the aerosol at a specific level in the atmosphere, making it preferable for use in quantitative applications. The aerosol backscatter coefficient is more accurate from an HSRL system compared to the retrieval from a single-channel system. This is because errors in both extinction and backscatter from a single-channel system increase with decreasing altitude, due to the need to accurately characterize the overlying attenuation. This means that an HSRL will also have more valid data in and near the boundary layer where aerosol is of primary interest for air quality and weather applications and for many climate objectives including aerosol-cloud interaction studies. Even cloud properties that do not directly use the HSRL capability (cloud phase and thin cirrus retrievals) benefit from the more accurate calibration of an HSRL system. The improved accuracy of backscatter and extinction also lead to better capabilities for aerosol typing, improved retrievals of aerosol radiative effect, and increased information content for combined lidar + polarimeter retrievals of profiles of microphysical properties such as vertically resolved effective radius.