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illuminem summarizes for you the essential news of the day. Read the full piece on Nikkei Asia or enjoy below:
🗞️ Driving the news: The Asia Natural Gas and Energy Association (ANGEA), alongside Boston Consulting Group, unveiled new guidelines to advance carbon capture and storage (CCS) initiatives across the Asia-Pacific region
• These recommendations aim to streamline international collaborations and promote carbon trading
• The move is expected to catalyze billions of dollars in CCS projects, fostering regional efforts toward net-zero goals.
🔭 The context: CCS technology captures and stores carbon emissions from industrial processes and power generation, preventing them from entering the atmosphere
• Countries like Indonesia, Japan, and China are key players in the Asia-Pacific’s carbon trading and CCS strategies
• The guidelines are part of a broader push to harmonize policies and develop robust carbon markets
🌍 Why it matters for the planet: The Asia-Pacific region is a significant emitter of greenhouse gases, making CCS a vital tool for decarbonization
• By enhancing carbon trading and CCS deployment, these efforts could accelerate the transition to cleaner energy systems and mitigate climate change
• The initiative underscores the region's commitment to sustainable industrial practices
⏭️ What's next: The guidelines will encourage multinational collaborations, with countries expected to negotiate carbon credit agreements and invest in large-scale CCS facilities
• These efforts will also likely boost private sector participation in carbon capture and trading
• Further regional policy alignment is anticipated to drive CCS adoption
💬 One quote: "These guidelines represent a landmark step toward achieving Asia-Pacific's net-zero ambitions," - an ANGEA spokesperson
📈 One stat: The Asia-Pacific region is projected to account for over 60% of global carbon capture, utilization, and storage (CCUS) abatement by 2050, equating to more than three gigatons of CO₂ per year
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