Carbon capture and storage will surge in the 2030s

Significance

However, the projects currently in operation, construction or in advanced or early development do not put the world on track to meet the 2030 targets that are essential for meeting the Paris Agreement goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels by 2050.

Impacts

• Tax incentives in the United States make it the most attractive location for CCS deployment currently.
• A switch in European strategy from single projects to hubs increases CCS scale, but also raises project delivery risks.
• The deployment of new technologies and the project experience gained should significantly reduce costs over time.