Industry collaboration on carbon capture is key to unlock net-zero economy

carbon industry capture collaboration economy
Gulf
  • Date: 02-Jul-2021
  • Source: Energy Voice
  • Sector: Oil & Gas
  • Country: Gulf
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Industry collaboration on carbon capture is key to unlock net-zero economy

Carbon capture and storage (CCS) is seen as an essential requirement by the oil and gas industry for it to meet the targets of the Paris Agreement, however the only way it will become commercially viable is if companies collaborate to create shared-CCS hubs, according to Wood Mackenzie.

Achieving the 2°C goal of the Paris Agreement will require more than simply avoiding carbon. To cap global warming at 1.5°C or even 2°C, carbon removal will be essential.

Research from global natural resources consultancy Wood Mackenzie, shows the key to effective large-scale carbon removal is unlocking potential economies of scale through basin-wide CCS, effectively providing a community answer to a global problem.

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