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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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