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illuminem summarizes for you the essential news of the day. Read the full piece on Carbon Herald or enjoy below:
🗞️ Driving the news: Despite the recent policy incentives for carbon capture projects, there are growing concerns that the world is lagging in achieving the required carbon dioxide (CO2) reductions by 2050
• This observation comes from an outlook on the carbon capture, utilization, and storage (CCUS) market released by S&P Global Commodity Insights
🔭 The context: Over the past year, there have been significant efforts to boost carbon capture projects, such as a 70% increase in tax credits in the USA and Europe considering mandatory CO2 storage for oil and gas producers
• However, there's a noticeable gap between the expected CO2 capture capacities and the emissions reductions needed to meet climate objectives
🌍 Why it matters for the planet: S&P Global's projections indicate that by 2030, operational projects might only capture 25% of the 1 gigaton (Gt) of CO2 per year needed to align with the International Energy Agency's net-zero scenario
⏭️ What's next: While North America and Europe lead in projected capture capacity, the CCUS industry requires broader global support to align with climate targets with the outlook for 2050 suggesting a capture capacity of 2.2 Gt of CO2 per year
• Yet, this is only 4% of the reductions required under the Intergovernmental Panel on Climate Change's 1.5°C scenario
💬 One quote: "The current trajectory suggests that, despite growth in capacity installations over the next three decades, more robust efforts are needed to make CCUS a viable solution in the fight against climate change" (Theodora Stankova, journalist)
📈 One stat: By 2050, the estimated capture capacity will reach 2.2 Gt of CO2 per year, but this only represents 4% of the necessary CO2 reductions for the 1.5°C scenario
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