Carbon dioxide capture and storage: Priorities for development
Oil, coal and natural gas will remain the world’s dominant sources of energy over the next decades, resulting in unsustainable levels of carbon dioxide emissions. This trend can be reversed only via a near revolution in the way we produce, transform and consume energy. Concerted global action is urgently needed to increase investment in energy technology solutions. Carbon dioxide capture and storage (CCS) is a particularly promising solution, and many nations have ambitious plans for CCS development. However, the next decade is a critical “make or break” period for CCS: if CCS is to deliver the necessary greenhouse gas (GHG) reductions in time to stabilize the climate, governments need to rapidly finance large-scale demonstration projects, develop regulations to ensure public health and safety, and integrate CCS incentives into GHG emissions mechanisms. This article will provide an overview of the urgency for action on CCS. It will then document emerging financing and legal developments and provide recommendations for next steps.