As the Climate Crisis worsens and emissions continue to rise, companies are turning to carbon capture and storage (CCS) technologies as a solution. However, progress is slow, and investment in CCS is insufficient to make a significant impact on global warming. The recent COP28 summit saw hydrocarbon companies promising to reduce emissions, but their commitments only applied to certain types of emissions, leaving room for continued burning of hydrocarbons.
Studies show that the current capacity of CCS is far below what is needed to reverse the global rise in temperatures. Even if the technology improves and storage capacity increases, it may still be insufficient to meet the climate targets set by the Paris Agreement. With a historical failure rate of 90%, even optimistic targets for CCS growth may not be achievable.
Despite the urgency of the situation, investment in CCS technology remains limited, with a disproportionate focus on specific approaches such as direct air capture (DAC) and bioenergy with carbon capture and storage (BECCS). These dominant methods have shown limited effectiveness in removing carbon from the atmosphere. Other potentially more promising techniques, such as biochar, are being sidelined due to lack of support.
The failure to invest in a diverse range of carbon removal technologies coupled with the slow progress of CCS development raises concerns about the ability to meet climate goals and avert catastrophic temperature increases. The world may already be on track for a 2.7-3.1°C rise by 2100, highlighting the urgent need for more ambitious and diversified efforts to combat global warming.
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