The Global CCS Institute has warned that the world must increase its use of carbon capture storage (CCS) technology if it is to meet the targets set out in the Paris Agreement.
In its report, Global Status of CCS 2017, Global CCS Institute CEO Brad Page said renewables are not enough to meet global climate goals.
The report says that in order to do this, over 2,000 CCS facilities will be needed by 2040 with 14% of reductions in emissions coming from carbon capture technologies.
At the report’s launch, Lord Nicholas Stern, Chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science, said: “Most serious analysis has concluded that it will be very difficult to achieve the Paris goals without carbon capture and storage or use.”
There are currently 17 large scale facilities in operation, 12 of which are in the US and Canada, and a further 11 facilities are in various stages of development in Asia and the Pacific region, including 8 in China.
37 million tonnes of carbon is captured each year by the 17 sites in operation, according to the report, which equates to a total of 220 million tonnes of carbon captured and stored underground to date.
Page said: “The challenge still remains to ensure that CCS receives the same consideration and incentivization as other clean technologies, particularly renewables,” Page said.
Australia’s environment ambassador, Patrick Suckling, said: “Without CCUS, the Intergovernmental Panel on Climate Change says the cost of meeting global targets will double and the International Energy Agency says the energy transition would cost $3.5trn more”.