Why we need rapid deployment of carbon capture technologies

illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: Carbon Capture, Utilization, and Storage (CCUS) technologies are crucial for reducing hard-to-abate emissions and cleaning up historical CO2, yet their deployment lags behind other technologies
• Current global CCUS implementation captures only 50 million tons of CO2 annually, far below the needed gigaton-scale by the 2030s and 2040s 

🔭 The context: CCUS includes both Carbon Capture and Storage (CCS), which permanently stores CO2, and Carbon Capture and Utilization (CCU), which recycles CO2 into products
• Despite improvements in these technologies, their widespread application in power and industrial sectors remains insufficient due to economic and regulatory challenges

🌍 Why it matters for the planet: The underdeployment of CCUS technologies threatens the global target of net-zero emissions by 2050, with the International Energy Agency highlighting the need for a twentyfold increase in CCUS capacity by 2030 to meet climate goals

⏭️ What's next: Strategic shifts and new regulations in regions like the EU, which now requires fossil fuel producers to provide storage capacities, may enhance the economic viability and scalability of CCUS projects
• This is critical for both meeting EU climate targets and managing future CO2 emissions more effectively

📈 One stat: Currently, the deployment stands at about 50 million tons per year

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