· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:
🗞️ Driving the news: As the EU hosts a summit on carbon capture and storage (CCS) in Pau, France, environmental groups criticize the technology’s viability and cost
• A new report finds CCS projects across Europe could cost up to €520 billion, with €140 billion needed in government support
🔭 The context: Despite CCS’s 50-year history of limited success, the EU considers it essential to achieving net-zero emissions by 2050
• However, critics argue that CCS benefits the fossil fuel industry and diverts resources from more effective climate solutions, citing failures in past projects
🌍 Why it matters for the planet: As climate goals near, reliance on costly, unproven technologies like CCS could delay crucial action on emissions reductions, potentially worsening climate impacts
⏭️ What's next: The EU recently passed legislation requiring oil and gas companies to deploy CO2 storage by 2030
• However, many countries have yet to provide data needed to enforce these targets, complicating efforts to scale up CCS
💬 One quote: "Relying on CCS... will force European governments to introduce eye-wateringly high subsidies," – Andrew Reid, energy finance analyst at IEEFA
📈 One stat: The Northern Lights CCS project in Norway stores just 1.5 million tonnes of CO2 annually, far below the EU's 50 million tonne goal for 2030
Click for more news covering the latest on carbon