In a new report, the International Energy Agency (IEA) has called for greater global incentives for investment into carbon capture, utilisation and storage (CCUS) to help the world meet is climate change goals.
The agency found that commercial incentives for CCUS could significantly reduce global emissions in the near future.
The report said: “A dedicated commercial incentive as low as USD 50 per tonne of CO2 sequestered could trigger investment in the capture, utilisation and storage of over 450 million tonnes of CO2 globally in the near term.” This would increase the amount of carbon captured and stored by fifteen times current levels.
Furthermore, lessening commercial restrictions on the use of such technologies would also notably increase levels of investment in CCUS.
The World Investment Report 2018 also found that of the $28 billion set aside for large scale CCUS projects in 2007, only 15% was actually spent as a result of commercial conditions and the regulatory environment, which failed to attract private investment.
Earlier this month, International Energy Agency (IEA) Executive Director Fatih Birol praised the US 2018 federal budget that he says could lead to a breakthrough in carbon capture technologies and help the world achieve its Paris Agreement obligations.
The growth of some commodities, such as coal, to generate power has also been aligned with a shift to more efficient plants with the use of CCUS, which the report also suggested could be used to extend the lives of existing coal power plants.