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illuminem summarises for you the essential news of the day. Read the full piece on POLITICO or enjoy below:
🗞️ Driving the news: The number of carbon capture and storage (CCS) projects globally has grown by 54% in the past year, according to the Global CCS Institute's latest report
• The number of operating commercial-scale CCS projects has risen from 50 to 77, while 47 additional projects are under construction
• However, despite this growth, the report highlights ongoing policy uncertainty in the United States that continues to create "mixed signals" for the future of CCS development
🔭 The context: CCS is widely considered an essential technology for reducing global carbon emissions, with operational projects now capable of trapping about 64 million metric tons of carbon dioxide annually
• The report underscores that while progress is being made, the global scale of CCS development remains insufficient to meet carbon management targets necessary for addressing climate change
• Over 600 additional CCS projects are still in early or advanced stages of development
🌍 Why it matters for the planet: CCS technology plays a critical role in global efforts to mitigate climate change, especially in sectors where emissions are hard to eliminate
• The rapid expansion of CCS projects worldwide signals growing recognition of its importance
• However, the uncertainty in policy frameworks, particularly in the U.S., presents challenges for the broader adoption and scaling of CCS technology, potentially delaying the achievement of climate goals
⏭️ What's next: While CCS projects continue to grow, the global community must address the policy gaps that exist, especially in key regions like the United States, to ensure these technologies are deployed at the scale needed to combat climate change
• The focus will likely shift to stabilizing and expanding funding and regulatory frameworks to support the growth of CCS projects
💬 One quote: "Carbon capture on a large scale is not aspirational but essential." — Jarad Daniels, CEO of the Global CCS Institute
📈 One stat: Operational CCS projects are currently capable of trapping 64 million metric tons of carbon dioxide annually, with more than 600 additional projects under development
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