Current investment levels in carbon capture and storage (CCS) need to be increased for the technology to play its part in tackling climate change, finds two reports out this week.
Both the International Energy Agency’s (IEA) World Energy Outlook Special Report on energy and climate change and the Grantham Research Institute’s (GRI) report into improving the CCS framework in Europe have found that CCS is vital to achieving our long-term climate change goals – but that the current levels of investment are not enough to ensure the technology reaches its full potential.
Brad Page, CEO of the Global CCS Institute, says, “CCS is vital to decarbonise industry and to enable the power sector’s transition to a low carbon future. As the IEA report notes, without CCS, other sectors will have to shoulder more of the burden. However, investment is urgently needed now to get more projects operational, bringing costs down in the long run as experience grows.”
The IEA cites a main challenge to widespread deployment of CCS in the power sector as “the need to bring down the costs to a level that sustains competition with other low-carbon technologies.”
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