The pipeline for projects to capture and store carbon emissions has grown around 44% in the past twelve months to 244 million tonnes a year. Carbon capture and storage (CCS) technology has been used for years, often to enhance oil well production rates, but rising carbon prices in regions such as Europe have lifted hopes it might take off as a stand-alone business case in future. Some experts say CCS technology, which typically acts like a filter on industrial smokestacks and stores the carbon underground, is essential to meeting the goal of a net carbon zero economy by 2050. The world would need to have 7.6 billion tonnes a year of CCS capacity in 2050 to realise the International Energy Agency’s net zero scenario.

Source: Reuters