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Carbon-constrained world: CCS between a rock and a hard place


Carbon-constrained world: CCS between a rock and a hard place

Report summary

Fossil fuels' continued relevance in a world limited to a 2°C temperature rise – the UN's vision for global carbon policy – critically depends on CCS (Carbon Capture & Storage). It is the only technology that can decarbonise fossil fuels. But implementing CCS has been dramatically slowed by its high cost, lack of policy clarity, and as attention is diverted to renewables. Even so, energy companies are urging the importance of CCS when pressed about carbon and their investments. While the energy industry is coming under increasing pressure in the run up to the UN Climate Conference, no one expects to see a deal agreed to limit global emissions to a 2°C temperature rise. But many anticipate the conference will lay the groundwork for this ultimate target. So then, the big question for energy companies is where to place their bets on future investments? Wood Mackenzie looks at the opportunities and challenges ahead for CCS, and why the technology is stuck between a rock and a hard place.

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  • Carbon-constrained world: CCS between a rock and a hard place PDF - 566.29 KB 8 Pages, 0 Tables, 4 Figures

Description

This Macroeconomics and Global Trends Insight report presents our research on this key topic, and draws out the implications for economies and commodity markets.

This report delivers a clear understanding of our unique global economic outlook and identify risks and uncertainties to watch out for.

Wood Mackenzie's global trends and macroeconomic analysis underpins all our commodity demand analysis, ensuring we continually deliver an integrated and consistent view.

Our comprehensive understanding of commodity markets gives us a unique insight into the pace of global development and the risks associated with it.

  • Despite efficiency gains, intensity reductions and a rapid roll-out of renewables, global emissions will continue to grow
  • If fossil fuels are to remain relevant in a 2°C world, a large portion of their emissions will have to be captured with CCS
    • CCS technology is in the midst of an existential crisis
  • Top 10 reasons why CCS is not the panacea once envisioned
    • What can be done to accelerate CCS?
  • Conclusion

In this report there are 4 tables or charts, including:

  • Despite efficiency gains, intensity reductions and a rapid roll-out of renewables, global emissions will continue to grow
    • Cumulative global CO2 emissions: finite 'carbon budget' to be expended sometime between 2035 to 2070
  • If fossil fuels are to remain relevant in a 2°C world, a large portion of their emissions will have to be captured with CCS
    • Annual energy-related global CO2 emissions: must be cut by 30% by 2035 for the 2°C target
  • Top 10 reasons why CCS is not the panacea once envisioned
    • Global CCS large-scale projects: in operation and under construction
    • CCS SWOT analysis
  • Conclusion
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