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EU Confidential

SPONSORED CONTENT: Carbon capture and storage to reach net zero

EU Confidential

POLITICO

Politics, News Commentary, News

4.4175 Ratings

🗓️ 22 November 2023

⏱️ 17 minutes

🧾️ Download transcript

Summary

Oil, gas and coal still made up 81.5 percent of the global energy mix in 2022 — down just 3 percent from 2015, when the Paris climate agreement was signed.     Given the slow pace of the energy transition, carbon capture and storage, or CCS, has the potential to become an important technology for achieving net zero. Advocates believe that without CCS — which gathers emissions, processes them and stores them safely underground — we simply won’t meet our climate targets.     But the technology faces a range of obstacles. Campaign groups believe CCS offers oil and gas companies a free pass to keep extracting and burning fossil fuels. Others worry about the safety of stored carbon dioxide. There are also practical constraints. CCS technology, while proven, is expensive to install, and needs subsidies and financial incentives to encourage the industry to make the short-term capital investment needed.     In this podcast episode produced by POLITICO Studio, science and technology writer Adam Green interviews leading European experts from industry and policy about the need for CCS, what’s holding it back and where it fits into Europe’s energy transition.      Ruth Herbert, CEO of Carbon Capture and Storage Association, breaks down the fundamentals of CCS. Chris Davies, a former member of the European Parliament and now director of CCS Europe, talks about the need to educate the public on the safety of onshore CCS. Jan Theulen, of building material producer Heidelberg Materials, explains why industries such as cement, where production itself results in large CO2 emissions, will need CCS most. And Torbjørg Klara Heskestad, vice president for global CCS solutions at Equinor, speaks about shared infrastructure that will help reduce the costs of CCS for carbon emitters.   Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This special podcast episode is sponsored by Equinoor and produced by Politico Studio.

0:06.3

Several rivers have burst their backs, destroying villages, washing away cars and leading to the

0:11.4

emergency level. In France and Spain, temperatures have reached record levels. Schools and offices have

0:14.7

been closed. Some cases the flames fanned by high winds were as tall as a three-story building.

0:30.6

Despite the news and the heat, the storms and the drought, the world is moving too slowly to avert a dangerous rise in global temperatures.

0:42.3

Oil, gas and coal still made up 81.5% of the global energy mix in 2022, down just 3% from 2015 when the Paris Climate Agreement was signed. Carbon capture and storage, or CCS, looks like an increasingly important technology for achieving net zero.

0:49.3

Advocates believe that without CCS, which gathers emissions, processes them and stores them safely

0:55.0

underground, we simply won't meet our climate targets.

0:58.0

But the technology faces a range of obstacles.

1:01.0

Campaign groups believe CCS offers oil and gas companies a free pass to keep extracting and burning fossil fuels.

1:08.0

Others worry about the safety of stored CO2.

1:11.9

There are also practical constraints.

1:14.2

CCS technology, while proven, is expensive to install

1:17.7

and need subsidies and financial incentives

1:20.0

to encourage the industry to make the short-term capital investment needed.

1:24.7

I'm Adam Green, a science and technology writer.

1:29.6

In this podcast episode, I'll be talking to experts about the necessity of CCS, what's holding it back, and where it fits into the energy

1:34.8

transition. Ruth Herbert is CEO of the Carbon Capture and Storage Association, a European

1:41.5

advocacy group. She talked to me about how CCS works.

1:45.0

One of the main methodologies is geological storage, so that is taking that CO2 and pumping it down under the seabed into rock formations.

1:55.0

This is what we're looking at in the UK offshore, but it can also be done onshore, and it's being looked at onshore in the US, for example.

2:02.2

There are other ways of permanently sequestering the carbon dioxide, so you can put that into

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