According to Andrew Fawthrop’s writing, there is widespread agreement that Carbon Capture and Storage Market is a crucial component in reducing industrial emissions; however, the absence of decisive government action is stalling development.
According to the UK’s Committee on Climate Change (CCC), an independent advisory body to the UK Government, carbon capture and storage (CCS) is “a necessity, not an option.”
To achieve net zero emissions of greenhouse gases by 2050, up to 175 million tonnes of CO2 will need to be captured annually, or roughly half of the country’s emissions in 2019. “a major CO2 transport and storage infrastructure servicing at least five [industrial] clusters,” according to the CCC, is required for this. However, despite Westminster’s warm words, concrete action has been slow to occur.
This is not unique to the UK. According to the International Energy Agency, global CCS deployment is “woefully below” the level required to capture 450 million tonnes of CO2 annually by 2030. The agency believes that this is what is required to adhere to the Paris Climate Agreement’s limitations. Its most recent figures show that current modern CCS projects catch under 35 million tons of CO2 every year, with only 19 plans in activity around the world.
