· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Carbon Herald or enjoy below:
🗞️ Driving the news: Natural gas is recognized as having significant potential to accelerate the reduction of global emissions and minimize the total cost of achieving Net Zero goals by 2050
• The shift from coal-fired to natural gas-fired power plants has already led to a 32% decrease in emissions from the US energy sector between 2005-2019
🔭 The context: The International Energy Agency (IEA) reports that reaching Net Zero by 2050 will require a 50% reduction in oil and natural gas emissions, with an estimated cost of $600 billion per year
• Carbon Capture, Utilization, and Storage (CCUS) technologies are highlighted as essential for addressing CO2 emissions from natural gas processing
🌍 Why it matters for the planet: Efficient investment in technologies like CCUS could prove less costly than alternatives
• For instance, Sapphire Technologies' energy recovery systems can convert wasted energy from gas expansion into clean electricity, potentially offsetting 2,000 tons of CO2e annually
⏭️ What's next: Major energy companies like ExxonMobil and Chevron are investing in CCUS as part of their low-carbon strategies
• Government incentives, such as the EU's €3 billion package for CCUS innovation and the US Inflation Reduction Act's tax credits, are also supporting investment in this critical technology
💬 One quote: "If this is what 4% investment can achieve, imagine the global impact of reaching 100% of the investment goals the IEA has challenged our industry to direct toward the energy transition" (Freddie Sarhan, CEO of Sapphire Technologies)
📈 One stat: The Oil and Gas Climate Initiative (OGCI), representing 30% of the industry, invested $24.3 billion in decarbonization technologies in 2022, establishing 40 CCUS hubs with the potential to remove up to 300 million tonnes of CO2 a year by 2030.
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