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illuminem summarizes for you the essential news of the day. Read the the full piece on Financial Times or enjoy below
🗞️ Driving the news: The EU's newly-appointed climate chief, Wopke Hoekstra, has been assigned to explore carbon capture technology as a solution to global warming
• European Commission President Ursula von der Leyen stresses the need for a unified approach to this technology, especially given ongoing EU debates regarding its role in upcoming UN negotiations
🔭 The context: Wopke Hoekstra, the upcoming EU climate commissioner and former Dutch foreign minister with ties to Shell and McKinsey, was appointed to spearhead discussions on the EU's 2040 emissions reduction target
• The European scientific advisory board recommended a significant cut of 90-95% in emissions by 2040 compared to 1990 levels
🌎 Why does it matter for the planet: As global emissions escalate to alarming levels, technologies like carbon capture are considered potential solution
• The technology's efficacy at large scales remains unproven
⏭️ What's next: The EU is poised to outline a strategy on carbon emissions removal technology and its applicability in heavy industries like steel and cement by the year's end
• The strategy has raised controversy as it is considered by some as just an escape route for major polluters
📈 One stat: The Intergovernmental Panel on Climate Change stipulates a 45% emissions reduction by 2030 to prevent catastrophic climate change repercussions
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