3 essentials for carbon capture and storage to really take off

illuminem summarises for you the essential news of the day. Read the full piece on World Economic Forum or enjoy below:

🗞️ Driving the news: Carbon capture and storage (CCS) technologies are essential for decarbonising hard-to-abate sectors like steel and cement
• To meet global net-zero targets, CCS capacity must grow significantly by 2050
• Collaborative models, such as shared infrastructure hubs, are being developed to reduce costs and increase scalability

🔭 The context: CCS projects are capital-intensive, and their widespread implementation requires a collaborative approach
• Countries like Norway, the UK, Canada, and Australia are leading the development of these collaborative hubs, sharing resources and infrastructure to reduce financial risks
• These hubs enable industries to pool resources, making CCS deployment more feasible for hard-to-decarbonise sectors

🌍 Why it matters for the planet: Scaling up CCS is crucial for achieving global climate goals, especially in industries where emissions are challenging to eliminate
• By collaborating on infrastructure and resources, countries and industries can accelerate the deployment of CCS technologies
• Expanding CCUS technologies will be key in achieving significant emission reductions and reaching net-zero targets by mid-century

⏭️ What's next: Increased investments and international cooperation are necessary to establish the infrastructure for carbon capture technologies
• Governments and industries must collaborate to create more shared CCS hubs, ensuring effective technology deployment
• A policy framework that supports CCUS development will be essential for scaling up these initiatives and reaching emissions goals

💬 One quote: "The decarbonisation of hard-to-abate sectors, like steel and cement, demand the deployment of new and improved carbon capture and storage (CCS) and carbon capture, utilisation and storage (CCUS) technologies."

📈 One stat: Global CCS technology capacity must expand more than 100 times by 2050 to meet net-zero targets

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