![]() More work is needed to make carbon capture technology commercially viable for the private sector. Yet, as a Goldman Sachs report recently noted, CCUS technology has not yet reached economies of scale that traditionally lead to breakthroughs in cost competitiveness, with investments in carbon capture and storage over the past decade being less than 1% of the investments in renewable power. And the International Energy Agency has called for a 20-fold increase in carbon capture capacity in the next decade in order to achieve the world’s climate ambitions. Without it, the economic costs of climate mitigation could be significantly higher, the IPCC says. The Intergovernmental Panel on Climate Change considers large scale deployment of carbon capture technology a critical enabler of a low-carbon future. Aramco is also testing mobile CCUS technologies and has recently pioneered a heavy-duty truck that captures 45% of its own carbon dioxide emissions and stores it on board the vehicle. The plant captures 800,000 tons of CO2 per year by compressing it and injecting it into an oil field. We at Aramco are testing this technology at a large gas plant in Saudi Arabia. These technologies significantly mitigate the impact of emissions by capturing them before they enter the atmosphere. The path toward carbon balance inevitably includes hydrocarbons – meaning that we have to find solutions for carbon emissions.ĭeep reductions in these emissions can be achieved through a new suite of technologies known as Carbon Capture, Utilization and Storage (CCUS). However, much of the world’s energy is consumed in sectors that are hard to decarbonize, such as the steel, cement and chemicals industries. ![]() All energy sources are needed to meet the future demand. The issue is no longer about renewable energy versus fossil fuels. If we did, the world would come to a standstill – even with significant growth in alternative energy sources. With the global economy forecast to double in size and billions of additional energy consumers by 2050, we cannot simply turn off hydrocarbons (such as oil and natural gas) at the flick of a switch. Our generation faces the dual challenge of meeting the world’s growing energy needs while ensuring a sustainable environment in the future.Īssuming that the Covid-19 crisis only has a short-term impact, solutions for climate change must take into account the need to maintain ample and affordable energy supplies for billions of people. ![]()
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