Media Releases

1 October 2021, – The Global CCS Institute has welcomed the inclusion of carbon capture and storage (CCS) under the Emissions Reduction Fund (ERF), announced today by the Australian Government. Inclusion under the ERF will provide a financial incentive for carbon captured and stored, an important factor in creating an enabling investment environment.

The Institute’s General Manager – Commercial, Alex Zapantis, said inclusion in the ERF was an important step in recognising the relevance of CCS amongst other low emssions technologies and delivering its full abatement opportunities and social and economic value.

“CCS is pivotal to our global response to climate change, is commercially available today and is well placed to strengthen our economy and support jobs. We need all climate mitigation solutions, across a broad range of industries - inclusion under the ERF is significant and timely.”

“A key barrier to investment in CCS has been the lack of a price signal placing a value on CO₂. As global climate ambition continues to be backed by action, this is one of several necessary mechanisms which will drive private sector investment.”

“CCS will be critical to decarbonisation across a range of sectors, including oil and gas, cement, steel, fertilisers and chemicals and will play an important role in Australia’s growth as a global hydrogen exporter. Put simply, CCS can help industries transform as we head toward net zero, sustaining local economies and creating jobs in new sectors.”

Mr Zapantis said that inclusion under the ERF was an important step in setting long-term policy, creating an enabling investment environment and deploying CCS at scale to deliver climate benefits.

“As we will highlight in our upcoming Global Status of CCS Report, the technology is experiencing enormous growth around the world. In other jurisdictions, like the United States, financial incentives have supported the rapid and at-scale deployment of CCS. Inclusion under the ERF reaffirms that Australia is positioned to be a leader in CCS and climate more broadly.”

The Australian Government has recently committed $250 million to developing CCS hubs and $275 million for hydrogen. The Clean Energy Regulator is seeking consultation on including other carbon capture technologies under the ERF, including utilisation and direct air capture, both of which feature prominently in net zero projections from the IPCC and the International Energy Agency.

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Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute:  The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

The Global CCS Institute welcomes the Australian Government’s announcement today of $250 million in funding for carbon capture and storage (CCS) hubs, while emphasising the need for long-term climate policy.

The Australian Government has committed $250 million to the CCUS Hubs and Technologies Program. The program will operate across two streams, providing $100 million for the design of hubs, and $150 million for the research and commercialisation of CCUS technologies and the identification of carbon storage sites.

Minister for Energy and Emissions Reduction, Angus Taylor, highlighted that the program may create up to 1,500 jobs and would play an important role in climate mitigation.

The Institute’s General Manager – Commercial, Alex Zapantis, said the announcement further reinforced the crucial role CCS would play in reaching net-zero emissions by mid-century.

“CCS is a proven technology suite with 27 operational facilities and many more in development. The IPCC and many other credible organisations highlight a critical role for CCS into the future, particularly in decarbonising hard-to-abate industrial sectors including chemicals, fertilisers, steel and cement,” said Mr Zapantis.

“Projects are becoming increasingly diverse and CCS hubs will be integral to transforming emissions-intense industries, protecting local economies and creating new jobs. The Global CCS industry must grow by one hundred-fold by 2050 to achieve the targets of the Paris Agreement, creating up to a 100,000 construction jobs and ongoing jobs for 30 – 40,000 people globally.”

“Funding is significant and will play a role in driving investment. CCS and other climate mitigation and clean energy technologies require ongoing policy confidence to enable long-term, sustainable investment. A set of lasting policies aligned with clear, medium-term targets is essential to achieving net-zero.”

The announcement comes ahead of COP 26 in Glasgow.

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Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

Tokyo, Japan – Energy, technology and climate experts from around the world will take part in the Japan-Asia CCUS Forum on October 20 to discuss the progress and outlook for deployment of the vital technology suite across Asia.

Hosted by the Global CCS Institute and Japan CCS Co. Ltd., the Japan-Asia CCUS Forum 2021 will act as a platform to share knowledge, further develop regional expertise and strengthen the network of CCUS professionals across Asia.

The Global CCS Institute’s General Manager for Advocacy and Communication, Guloren Turan, said that the forum was an important action in delivering regional collaboration where it’s most important.

“Carbon capture and storage technologies are recognised as increasingly vital as we move beyond commitments and take practicable steps toward our climate targets. Multiple independent and credible bodies have concluded that to achieve global climate change ambition in the time frame required, CCS/CCUS is essential,” Ms. Turan said.

“Asia is home to some of the fastest growing economies and greenhouse gas emissions inventories and CCS/CCUS will be particularly important in managing the challenge of continuing economic development and emissions reductions. CCS is versatile and can deliver deep emissions reductions across power generation, hard-to-abate industrial sectors such as steel, cement and fertilisers, and will be key to low-carbon hydrogen production.”

“As a regional energy leader, Japan is well placed to facilitate regional knowledge sharing and capacity building and the Institute is pleased to be part of this effort.”

This year's Forum will cover the Japanese Government's CCS/CCUS policy, initiatives in Asia, and key R&D results from project developers. Speakers from leading European projects will share their achievements and advice, and speakers from the Asia-Pacific region will discuss the challenges, policies and regulations, and deployment strategies in the regions where the projects are being developed.

Delegates of the forum will hear from JCCS Co. Ltd regarding research and development outcomes and future plans for shipping and transportation, as well as from several other distinguished Japanese organisations. Speakers representing advanced projects in Europe will share learnings and advice, while speakers from around the Asia Pacific region will discuss localised challenges, policy and regulation where projects are being developed, and strategies for deployment.

The forum will be co-hosted by Japan’s New Energy and Industrial Technology Development Organization (NEDO) with support from the Ministry of Economy, Trade and Industry (METI).

More information on the Forum, including an Agenda and Registration Link, can be found here.

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Contact:  Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute:  The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. Working with and on behalf of our Members, we drive the adoption of CCS as quickly and cost effectively as possible by sharing expertise, building capacity and providing advice and support so that this this vital technology can play its part in reducing greenhouse gas emissions. For more information, visit globalccsinstitute.com

8 July 2021, MELBOURNE – The Board of the Global Carbon Capture and Storage Institute today announced the appointment of Mr Jarad Daniels as the Institute’s new Chief Executive Officer.

Jarad will join the Institute on October 4^th, 2021.

Jarad has had a distinguished career with the US Department of Energy, most recently as Director, Office of Strategic Planning, Analysis and Engagement. During his time with the DoE, Jarad has become an expert on CCUS, climate change and clean energy technologies. He has worked with many countries, multilateral organisations, NGO’s and companies on technology development and deployment and government policy.

Jarad will be based in the Institute’s Washington DC office. As an Australian company, Melbourne will remain the Institute’s registered head office.

Commenting on the appointment, Mr Philip Bainbridge, Chairman of the Board of Directors, said:

“I am delighted to welcome Jarad as the new CEO of the Institute.  He is passionate and knowledgeable about climate change and the role CCS can play in achieving net zero emissions across all sectors. Jarad brings the knowledge, personal style and relationships to lead the growth of the Institute into the future.”

“I would also like to thank Brad Page for his 10 years of outstanding service to the Institute and his support in managing an orderly CEO transition.”

Commenting on his appointment, Mr Jarad Daniels said:

“It is an honour to be given the opportunity to lead the Institute. The role of Carbon Capture and Storage in achieving net zero emissions by 2050 is increasingly accepted and more governments and companies are developing projects. This needs to continue to accelerate to meet the world’s climate challenge.”

“The Institute has a global reputation as a trusted partner and adviser, a centre of knowledge, an advocate and a facilitator bringing people together.”

“I look forward to working with all our Members and helping the Institute achieve its mission to accelerate the deployment of CCS globally.”

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Guloren Turan (London): +44 782 505 7765 guloren.turan@globalccsinstitute.com

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

28 June, 2021 – A new report from the Global CCS Institute – an international think tank focused on carbon capture and storage (CCS) technology – says significant financial commitments are needed from the private sector to address the climate impacts of energy-intensive sectors.

The paper, Unlocking Private Finance to Support CCS Investments, arrives ahead of COP26 at which parties have been asked to concentrate efforts toward ‘getting finance flowing for climate action’ amongst several other priorities.

CEO of the Global CCS Institute, Brad Page, highlighted the report’s focus on the urgency of investment to achieve deep decarbonisation. “What happens in the next decade will be crucial in enabling CCS to reach necessary scale in time to limit the impacts of global warming”, said Mr Page.

“The necessary investment far exceeds what governments are willing to provide, particularly within a short timeframe. Governments have a key role to play in creating an enabling environment for very large-scale private sector capital allocation through climate policies which place a value on CO₂ emissions reductions”.

The International Energy Agency’s Sustainable Development Scenario finds that 15% of all emissions abatement needs to come from CCS. This translates to an almost 100-fold increase in CCS capacity by 2050. The report estimates the total capital requirements for this ramp-up in CCS over the next three decades will range from US$655 – 1,280 billion depending on the falling costs and learning rate for the technology suite.

Mr Page observed that, “Investing around one trillion dollars over almost 30 years is well within the capacity of the private sector which invested almost two trillion dollars in the energy sector in 2018 alone. Government decisions hold the key to enabling the requisite private sector capital being allocated for CCS deployment.”

Report author, Dominic Rassool, Senior Consultant - Policy and Finance, emphasised the role of mechanisms like project finance and green bonds in fulfilling the capital requirement.

“Most existing CCS facilities have been funded primarily on the books of large corporations or state-owned enterprises. The magnitude of investment required, and the fact that many companies are constrained by their balance sheets means this model will not support rapid growth in CCS capacity", Mr Rassool said.

“There are trillions of dollars available in the private sector for investing in CCS but allocating it requires policy incentives which facilitate viable business models for CCS”.

The report recommends that project finance – a model which allows for non-recourse debt as well as for multiple equity investors to participate in a project – is used to greatly accelerate investment in CCS capacity. Another recommendation from the report suggests that green bonds be applied to CCS projects in hard-to-abate sectors like cement, fertilisers and chemicals.

Noting the higher risk associated with deploying CCS in developing countries, where emissions are growing most rapidly, the report highlights the primacy of climate finance in enabling deep emissions mitigation. UNFCCC funds like the Green Climate Fund (GCF) could play a key role by leveraging private capital into CCS investments that each deliver multi-million tonne per year emissions abatement.

The report is now available here.

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Media Inquiries:

Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute:  The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

The Global CCS Institute is pleased to announce that its membership now includes 100 organisations. This significant milestone caps off 24 months of robust growth in which membership has increased a remarkable 69% from 59 to 100.

Members represent a diverse array of industries, governments, small businesses and researchinstitutions, who all recognize that carbon capture and storage (CCS) is an essential climate change solution, and who support the Institute’s mission: “to accelerate the deployment of CCS.”  A full listing of the Institute’s membership can be found here.

Global CCS Institute CEO Brad Page said: “The recent growth in our membership reflects the expanding commitments of governments and businesses around the world to deep decarbonisation, and the recognition that we can’t achieve our climate change goals without large-scale deployment of CCS.  Despite all of the challenges of the last 18 months, our members have demonstrated their unflagging support for climate action, for CCS, and for the work of the Institute.”

Jeff Erikson, General Manager for Client Engagement at the Institute, added: “We are grateful for the enormous contribution our members have made to the development of carbon capture and storage.  These 100 entities – governments, businesses, technology and service providers, research institutions– are the ones that are making it happen.  They are creating an industry that will advance the transition to a low-carbon economy.”

The Global CCS Institute is the world’s leading CCS think tank with a team of almost 40 professionals in offices in 7 countries around the world. The Institute works with and on behalf of its members to drive the adoption of CCS as quickly and cost effectively as possible in order to reduce greenhouse gas emissions. For more information on the work of the Institute and its members visit www.globalccsinstitute.com.  For information on how to become a member, contact Jeff Erikson (Washington): +1 202 895 2785  jeff.erikson@globalccsinstitute.com

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Media Inquiries:

Guloren Turan (London): +44 782 505 7765 guloren.turan@globalccsinstitute.com

Matt Bright (Washington, DC): +1 614 354 5587 matt.bright@globalccsinstitute.com

The Global CCS Institute has welcomed the Australian Federal Government’s announcement today of $539.2 million in funding for new carbon capture and storage (CCS) and hydrogen projects while stressing the need for long-term emissions reduction policy.

“The announcement from the Morrison government further reinforces that CCS is vital to reaching net-zero emissions by the middle of the century”, said Global CCS Institute CEO, Brad Page.

The announcement, which comes ahead of the climate summit hosted by US President Joe Biden, has pledged $275.5 million to accelerate four regional, clean hydrogen hubs and $263.7 million to support the development of CCS projects and hubs.

Mr Page stressed the fact that CCS is a technology already in operation and that it was essential to deep decarbonisation.

“CCS is a proven and successful technology suite, with 26 commercial facilities already in operation - capturing and storing close to 40 million tonnes of CO₂ last year alone – with many more projects at various stages of development”, said Mr Page.

“CCS is also the only technology able to decarbonise hard-to-abate industrial sectors including steel, fertilisers and chemicals. Delaying the decarbonisation of these sectors by waiting on some future technology – if, indeed, it emerges – only makes achieving net zero emissions more difficult.

“The announcement of funding for projects is significant and welcomed. For CCS as well as other climate mitigation and clean energy technologies there is also a need for on-going policy confidence. Achieving net-zero emissions by 2050, consistent with the commitments under the Paris Agreement, requires a set of enduring policies to realise the necessary investment and all of the economic and job creation benefits, especially in rural and regional areas, that go with it”.

Mr Page also highlighted the importance of funding for hydrogen hubs, saying coal or natural gas with CCS is currently the lowest cost, technically mature way to produce high volume, near zero carbon hydrogen.

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Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

Masdar City, Abu Dhabi – The Global CCS Institute is pleased to announce the opening of an office in the Masdar City Free Zone in Abu Dhabi.

The announcement comes amidst the rapid expansion of carbon capture and storage (CCS) around the world as the focus on reaching net zero commitments intensifies. The Gulf Cooperation Council (GCC) states, which produce 25% of annual global oil output, have highlighted CCS as integral to their low-carbon plans.

Global CCS Institute CEO, Brad Page, said the Institute was delighted to establish a physical presence in the GCC, noting the region could be central to short- to medium-term growth in global CCS deployment.

“The coming decade may feasibly see CCS take off in the region, as the GCC states look to diversify their economies, further establish leading-edge industry and protect their roles as leading energy exporters. As the world’s foremost CCS think tank, we are enthusiastic about playing a role in accelerating CCS deployment across the GCC as climate action and energy security becomes increasingly critical,” Mr Page said.

Some projections estimate CCS projects in the region could grow fifty-fold, from two to over 100 million tonnes of CO₂ captured per annum by 2040. The region has vast, accessible underground storage of up to 30 Gt to support climate plans. Home to vast proven resources and oil and gas expertise, the gulf region will also be able to leverage the significantly lower cost of producing hydrogen with CCS as a key source of future competitive advantage.

Acknowledging the practicalities and challenges COVID restrictions continue to present, Mr Page said he anticipated that the regional office would be able to host events and engage with local CCS projects imminently.

“This exciting development means the Institute will be able to support the development of the CCS community in the region as well as using our expertise to serve the world-class organisations looking to deploy CCS projects”.

The Institute is now actively recruiting for a regional manager and local staff. More information on the Institute’s announcement and regional career opportunities can be found here.

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Guloren Turan (London): +44 782 505 7765 guloren.turan@globalccsinstitute.com

Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute:  The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

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8 March 2021, MELBOURNE – On International Women’s Day, the Global Carbon Capture and Storage Institute announces the launch of a ‘Women in CCUS Network’ (#WiCCUS).

The sector initiative officially launched today (8 March 2021) aims to bring together the community of women working within Carbon Capture Utilization and Storage to promote knowledge sharing, gender diversity, stakeholder engagement and support facilitation across the different industry sectors.

Welcoming the launch of the network, Deputy-Chair of the Board of the Institute, and VP of Sustainability and Climate Change at BHP, Fiona Wild said: “The deployment of CCUS as one of the tools available to mitigate CO₂ emissions and meet the goal of staying below 1.5 degrees global warming requires a focus on how we can work together to scale-up projects, deployment, skills and awareness to ensure its successful delivery. As CCUS deployment accelerates its pace, Women in CCUS Network will be instrumental in ensuring balanced gender leadership, which is still challenged in the oil and gas sector and heavy industry.”

CEO of the Global CCS Institute, Brad Page, said: “It is now well established that companies with diversity at senior levels perform better and are more sustainable. I see the launch of this network as an important step in encouraging and increasing the number of women in the CCUS industry.”

The network aims to provide opportunities to share expertise, develop skills and conversations on the topic of CCUS as well as present role models and create public engagement opportunities.

More information on the network can be found here.

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Guloren Turan (London): +44 782 505 7765 guloren.turan@globalccsinstitute.com

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

MELBOURNE – The Chairman of the Board of the Global CCS Institute, Mr Philip Bainbridge, today announced that the Chief Executive Officer, Mr Brad Page, has advised the Board that he wishes to step back from full time employment and will be leaving the Institute during the 3^rd quarter of 2021, having by that time led the company for a decade.

Mr Bainbridge said “Brad will be leaving the Institute after 10 years of dedication to advancing the deployment of CCS around the world. He has taken the Institute from a well-funded start-up company through some challenging times to now being widely acknowledged as the world’s foremost body on CCS. He will leave the Institute in good shape and with a bright outlook”.

“The Board is grateful for Brad’s long service and achievement. The Board is also appreciative of Brad’s advance notice and desire for a smooth transition to his successor”.

Mr Page said “It has been an honour and privilege to have led the Institute for almost 10 years. I thank Phil and the Board for their unwavering support and encouragement; it has been a real pleasure to work with them and to have had the benefit of their individual and collective wisdom and guidance. I am looking forward to working with the Board over the coming months as it finds the next CEO and to ease the way for my successor to take the helm at this vibrant company”.

Russell Reynolds has been tasked with leading a global search for a new CEO of the Institute.

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Contact: Guloren Turan (London) +44 782 505 7765 guloren.turan@globalccsinstitute.com

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

The Global CCS Institute has welcomed 34 new members to its ranks in the last 12 months

The Global CCS Institute continues to build its membership around the world, adding 34 new members since January 2020. The new members represent a diversity of businesses, as well as government agencies and research organizations, and span 16 different countries. The total number of Institute members now stands at 87.

“The world has come to understand that climate change is an urgent crisis, and that carbon capture and storage (CCS) is an essential element of the climate change solution. The growth in our membership reflects that,” says Jeff Erikson, General Manager for Client Engagement at the Institute. “The diversity of our membership demonstrates that the CCS ecosystem continues to mature and grow. While our membership once consisted primarily of large emitters, our recent additions includes companies that are thinking of CCS as a revenue source, and are working out how it fits into their own business growth strategy,” Erikson added. A recent analysis by the International Energy Agency estimates that CCS deployment to achieve the Paris Agreement goals will require investment of around USD 9.7 trillion.

Members that have joined the Institute in the last 12 months include:

The Global CCS Institute is an international thinktank whose mission is to accelerate deployment of CCS globally. Headquartered in Melbourne, Australia, it has offices in Tokyo, Beijing, Brussels, London, Washington and Houston.  Its team of CCS experts build support, knowledge and connections, all to create a better investment environment for CCS.

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Media Contact: Ruth Gebremedhin: +44 79502 78261 ruth.gebremedhin@globalccsinstitute.com

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For additional information, visit www.globalccsinstitute.com.

CCS Capacity Sees 33% Increase in 2020, According to International Think Tank

In findings released by international think tank the Global CCS Institute, the total capacity of carbon capture and storage (CCS) facilities operating and under development has grown by 33% world-wide over the last year alone. The 2020 Global Status on CCS report also finds that there are a total of 65 commercial CCS facilities in various stages of development globally.

“Climate ambition, including efforts to decarbonise industry, has not been curtailed despite the adversities faced in 2020”, said CEO of the Global CCS Institute, Brad Page. “We’re continuing to see an upward trajectory in the amount of CO₂ capture and storage infrastructure that is being developed. One of the largest factors driving this growth is recognition that achieving net-zero emissions is urgent yet unattainable without CO₂ reductions from energy intensive sectors”, added Page.

Commitments to reach net-zero emissions saw significant support over the last year from governments and businesses alike, particularly in Europe and in Asia Pacific, spearheading CCS investment. The Global CCS Status Report shows:

• The CCS facility pipeline continued to grow three years in a row, with global capture and storage capacity nearly doubling within three years and increasing by 33% since 2019.
• Almost 40 million tonnes of carbon dioxide are being captured annually from 26 commercial CCS facilities currently in operation.
• The United States, which is already home to the highest number of operational CCS facilities, continues its lead in the global CCS league and hosts 12 of the 17 new commercial facilities added to the project pipeline in 2020. The US has some of the most advanced supportive policies for CCS of any country in the world, including the enhanced 45Q tax credit and the California Low-Carbon Fuel Standard.
• 2020 saw increased ambition and support for CCS in Europe as well. The Norwegian Government announced its green light for the Langskip project. Funding for CCS infrastructure was earmarked in the UK’s Spring Budget, with the goal of developing several hub and clusters during the decade. Elsewhere in Europe, the first call of EU’s €10 billion Innovation Fund, expected be a major source of funding for CCS projects, was launched in July, whilst the Porthos Project in Netherlands is scheduled to take a final investment decision in 2021.
• In Asia Pacific, regional collaboration between countries and businesses continued to gather pace in 2020 in order to advance technical understanding and develop regulatory frameworks, with notably Australia and Japan making progress in terms of domestic policies and CCS investments.
• In a move that will reduce both cost and risks to government and industry, CCS hubs and clusters – the shared use of CO₂ transport and storage infrastructure among companies – is predicted to support a boom in the adoption of CCS in the coming years. CCS investments in the United Kingdom are largely geared towards hubs and cluster development, and nearly all new facilities in the United States will have access to shared storage sites

“Even as the year comes to a close, commitments to reach net zero climate targets and scale up climate mitigating technologies continues to build momentum”, says Guloren Turan, General Manager at the Institute and one of the authors of the 2020 Global CCS Status Report. “Last month we saw the UK government earmark £1 billion with the goal of developing four hub and clusters by the end of the decade. In Asia Pacific, we saw national governments in China, Japan and South Korea commit to net-zero climate targets. Industrial decarbonisation is central to reaching carbon neutral goals and CCS has been, and will continue to be, a key component in making that happen”, Turan added.

While the acceleration of CCS adoption is promising, deployment of the technology is not happening quick enough to reach 2050 climate goals. CCS facilities will need to increase by more than a hundredfold by mid-century, as but one part of how the world will reach carbon neutrality. The report echoes findings by the IPCC, which shows that CCS is vital to meet net-zero Paris climate targets.

The Global Status of CCS Report is released annually by the Global CCS Institute, an international think tank working to accelerate the deployment of CCS, a vital technology to tackle climate change. The full 2020 report can be found here.

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Lucy Temple-Smith (Asia Pacific): +61 466 982 068 lucy.temple-smith@globalccsinstitute.com

Ruth Gebremedhin (EU, UK and North America): +44 7950 278 261 ruth.gebremedhin@globalccsinstitute.com

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com