New research from the International Energy Agency (IEA) has found global carbon capture and storage (CCS) technologies are hugely underfunded and more needs to be done within the sector to encourage investment into the technology.
The analysis found the total capital investment into large scale carbon capture, utilisation and storage (CCUS), around the world, to be approximately $10 billion. However last year alone, the technologies only received 0.1% of the $850 billion invested into low-carbon energy.
At a recent IEA summit, Dr Fatih Birol, the IEA Executive Director and co-chair of the summit, said: “The under investment in CCS is deeply concerning. We know that we face an unprecedented challenge in meeting climate goals. Without CCS, this challenge will be infinitely greater. We also know that this is essentially a policy question.”
At the summit that was attended by government officials and industry leaders, US Energy Secretary Rick Perry, who was also a co-chair, said: “While we come from different corners of the world, we can all agree that innovation, research, and development for CCUS technologies can help us achieve our common economic and environmental goals.”
The US has been a pioneer of the technology and has led the way of its development. In September Rick Perry, announced millions of dollars in federal funding for carbon capture technology.