Interchange Recharged
Can CCUS help achieve net zero?
Nov 19, 2024
Mhairidh Evans, VP and head of CCUS research at Wood Mackenzie, and Peter Findlay, director of CCUS economics, share their insights on carbon capture technologies. They discuss the viability of CCUS in achieving net zero, emphasizing its critical role in hard-to-decarbonize sectors like cement and steel. The guests explore regional policy differences, the impact of government incentives like the U.S. 45Q tax credit, and the necessity for community support. They also consider the future of carbon pricing and its potential to drive investment in this essential technology.
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Quick takeaways
- CCUS is essential for achieving net-zero emissions, particularly in challenging sectors like cement and steel production, integrating with other technologies for effective decarbonization.
- Government policies significantly influence CCUS adoption, with the U.S. focusing on financial incentives like the 45Q tax credit, while Europe emphasizes high carbon pricing and compliance funding.
Deep dives
The Role of CCUS in Decarbonization
Carbon capture, utilization, and storage (CCUS) is increasingly viewed as a necessary technology for achieving net-zero emissions, particularly in hard-to-decarbonize sectors such as cement and steel production. Despite concerns that CCUS may serve as greenwashing, experts argue that it plays a crucial role alongside renewable energy in the broader energy mix. The process involves not only capturing CO2 emissions but also recycling them for useful applications, thereby promoting sustainability. While CCUS alone cannot solve emissions problems, its integration into decarbonization strategies seems inevitable for meeting global climate goals.
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