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illuminem summarizes for you the essential news of the day. Read the full piece on The Japan Times or enjoy below:
🗞️ Driving the news: The Northern Lights carbon capture and storage (CCS) project in Norway, funded 80% by the Norwegian government, showcases a significant step towards a net-zero future
• The facility, managed by Equinor, Shell, and TotalEnergies, stores CO2 in an aquifer 2.6 km below the seabed
• It represents a crucial element in managing industrial carbon emissions
🔭 The context: CCS is essential for decarbonizing industries that are hard to electrify. By 2050, CCS is projected to handle 16% of necessary emissions reductions, capturing over 8 gigatons of CO2 annually
• Despite its high costs, estimated at $10 trillion by 2050, CCS offers a necessary complement to other renewable energy sources in the transition to net zero
🌍 Why it matters for the planet: Effective CCS can significantly reduce the carbon footprint of industries, helping to meet global climate targets
• It provides a way to manage emissions that are otherwise difficult to eliminate, thus supporting overall efforts to combat climate change
⏭️ What's next: The success of CCS projects depends on substantial financial investments and regulatory support
• The Northern Lights project could serve as a model for similar initiatives worldwide, highlighting the importance of government and private sector collaboration in achieving climate goals
💬 One quote: “Getting to net zero mostly means stopping doing things that emit carbon,” writes Liam Denning for Bloomberg
📈 One stat: Bloomberg NEF projects CCS will account for 16% of the emissions reductions needed by 2050, capturing more than 8 gigatons of CO2 annually
Click for more news covering the latest on carbon capture & storage
