As much as $130 billion will have to be deployed on a yearly basis to achieve the kind of scaling up that is needed

31 October 2022 19:32 GMT UPDATED  2 November 2022 17:02 GMT

Deployment of carbon capture and storage (CCS) technologies will have to increase over 100-fold to reach the kind of scale required to hit 2050 net-zero targets, according to consultancy McKinsey.

In its latest research looking at the CCS sector, McKinsey states CCUS technologies are being adopted “far too slowly” to provide a meaningful contribution in emission-mitigation efforts.

The consultancy estimated that CCS at scale could decarbonise as much as 45% of emissions from hard-to-abate industries including steel, cement, fertilisers and chemicals.

To achieve that target, and align with net-zero objectives, deployment of carbon capture infrastructure will need to increase 120-fold, the research stated, capturing at least 4.2 gigatonnes per annum of carbon dioxide by 2050.


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