The International Energy Agency (IEA) has said that the world will need to have 100 large scale and fully deployed carbon capture and storage (CCS) projects by 2020 and and over 3,000 projects by 2050 to capture CO2 emissions from power stations and factories and pump them underground.
According to the IEA’s road map for carbon capture and storage report, CCS is an important part of the lowest-cost greenhouse gas (GHG) mitigation portfolio.
The Paris-based agency seeks an additional investment of over $2.5 trillion to $3 trillion from 2010 to 2050, which is about 6% of the overall investment needed to achieve a 50% reduction in GHG emissions by 2050.
As reported, OECD governments will need to increase funding for CCS demonstration projects to an average annual level of $3.5billion to $4 billion from 2010 to 2020.
The report further states that although the developed world must lead the CCS effort in the next decade, CCS technology must also spread to the developing world.
This growth will require expanded international collaboration and financing for CCS demonstration in developing countries at an average annual level of $1.5 billion to $2.5 billion from 2010 to 2020. To provide this funding, CCS needs to be approved in the clean development mechanism or an alternative financing mechanism, said IEA.