The once remote-seeming dangers of climate change are today a reality – also in Europe. As the world struggles to limit global warming, what are the major trends reshaping global and European energy markets, regulatory and policy frameworks, and technological progress that will determine whether we will, one day, be able to achieve a carbon-neutral economy?
With energy accounting for about 85% of global CO2emissions, meeting the long-term objectives of the Paris Agreement means fundamentally changing the way we produce and use energy. It will require a greater emphasis on energy efficiency and innovation, speeding up the deployment of low-carbon technologies, like solar PV and wind, accelerating the development of carbon capture, utilisation and storage (CCUS), and in some cases retiring existing assets. The IEA’s all-energy expertise can help governments be smarter about achieving their objectives of energy development and decarbonisation, ensuring universal energy access, lessening the health impacts of air pollution, providing affordability and maintaining energy security.
Even with modern production techniques, a large share of the oil in a reservoir is not produced during primary and secondary recovery (read a description of EOR on our new CCUS page or in the explainer below). Some of this oil can, however, be accessed through the use of more complex and energy intensive extraction techniques such as the injection of heat, chemicals, CO2 or other gases. These techniques have been successfully and commercially deployed in multiple countries over many decades.
EDINBURGH, Scotland – The International Energy Agency and the Government of the United Kingdom are holding a global summit on carbon capture, utilization and storage (CCUS) today, bringing together global energy leaders, including Ministers and senior representatives from more than a dozen countries, CEOs of major energy companies and the financial community, to identify practical steps to accelerate investment and deployment of CCUS.
The Paris Agreement’s ambition of aiming to achieve net-zero emissions in the second half of the century requires that all available low carbon technologies are successfully incentivised. In this context carbon capture, usage and storage (CCUS) will have to play a crucial role. The latest Intergovernmental Panel on Climate Change (IPCC)’s special report (Global Warming of 1.5°C) concludes that “early scale-up of industry CCS is essential to achieve the stringent temperature target1.” Furthermore, in this same context, it is now key that various CCU technologies should start to develop new business models to support achieving the EU ambition.
The projects awarded the EU funding are expected to develop technologies for capturing, storing and conversion of CO2 and contribute to the transition to clean energy through researching its social aspects, modelling, building education and research capabilities and focusing on coal-intensive regions.
The Government of the United Kingdom and International Energy Agency will co-host an International CCUS Summit in Edinburgh on 28 November 2018. The Summit will bring together global energy leaders, including Ministers, CEOs of major energy companies and the financial community, to identify practical steps to accelerate investment in CCUS as a critical climate solution. The IPCC recently highlighted the unique importance of CCUS technologies in meeting climate goals and the CCUS Summit will provide an important opportunity to advance these technologies ahead of the COP24 negotiations.
OSLO and COPENHAGEN – Dr Fatih Birol, the Executive Director of the International Energy Agency, visited Norway and Denmark to present the latest findings from the World Energy Outlook, highlight the IEA’s emphasis on carbon capture, utilization and storage, and discuss the state of the global energy system.
The International Energy Agency on Wednesday held a meeting of the IEA Energy Business Council, which brings together representatives of the world’s largest energy companies, to discuss the state of the global energy system.
“New report by the Energy Transitions Commission shows that reaching net-zero carbon emissions from heavy industry and heavy-duty transport can be done through ambitious policy, accelerated innovation, and investment, with minimal cost to the global economy.”