Global energy leaders met today at an event organised by the International Energy Agency in Paris to discuss the latest developments in CCUS and identify key ways to spur near-term investment. Chaired by Ted Garrish, US Assistant Secretary, and Dr Fatih Birol, the IEA’s Executive Director, the event took place ahead of the IEA’s biennial Ministerial Meeting.
Today, CCUS facilities around the world are capturing more than 35 million tonnes of CO2 per year, equivalent to the annual CO2 emissions of Ireland. Recent announcements and commitments have the potential to more than double current global CO2 capture capacity. But the IEA’s Sustainable Development Scenario, which charts a path towards achieving the world’s stated climate ambitions, calls for a 20-fold increase in annual CO2 capture rates from power and industrial facilities in the next decade.
The IEA analysis underscores the need for strengthened international partnerships for CCUS deployment that recognise the important role the technology can play across sectors and economies, and highlights the priority of developing CO2 transport and storage infrastructure.
“When we consider the scale of the energy and climate challenge, the critical importance of carbon capture is inescapable,” Dr Birol said. “This meeting provides a significant opportunity to reflect on progress and determine how we can build a strong foundation for CCUS in the coming decade.”
Participants in the meeting stressed that a range of technologies including CCUS is needed to bridge the gap between stated climate ambitions and energy-related CO2 emissions while supporting energy security, energy access and economic development goals. Participants also emphasised the urgency of accelerating progress on CCUS and ensuring that the next generation of facilities in planning are able to proceed to a final investment decision.
More details on the event are available in the Chairs’ summary:
The 2019 IEA Ministerial Meeting is taking place in Paris on 5-6 December. It is chaired by Mr Michał Kurtyka, Poland’s Minister of Climate and the President of COP24. Ministers of IEA Member, Accession and Association countries and CEOs of leading companies are attending the meeting.