Carbon Capture and Storage and the Climate Challenge
The ongoing demand for fossil fuels is likely to mean that we will overshoot the trillion tonne marker (the amount of carbon emissions released into the atmosphere that would limit the temperature rise to under 2°C) before the middle of this century. Lowering emissions over time will require the major deployment of alternative energy sources, but even this won’t be enough to reduce them by as much as we need.
Carbon Capture and Storage (CCS) is one of the key technologies that can help to deliver net zero emissions during this century. The earlier that large scale deployment of CCS starts, the lower the eventual concentration of carbon dioxide in the atmosphere will be.
Through LCTPi on CCS two innovative public private partnership (PPP) proposals were developed in 2015 to accelerate CCS deployment by addressing two key challenges: funding of CCS value chains and CO2 storage capacity being available on time. In 2016, these proposals were taken up by the Oil & Gas Climate Initiative with a view towards implementation.