International carbon capture and storage (CCS) technology think tank, the Global CCS Institute, has released a report entitled Unlocking Private Finance to Support CCS Investments, which states that significant financial commitments are needed from the private sector to address the climate impacts of energy-intensive sectors.
Parties partaking in COP26 have been asked to concentrate efforts toward ‘getting finance flowing for climate action’ amongst several other priorities.
Discussing the report’s focus on urgency of investment, Brad Page, CEO of the Global CCS Institute, said, “What happens in the next decade will be crucial in enabling CCS to reach necessary scale in time to limit the impacts of global warming.”
“The necessary investment far exceeds what governments are willing to provide, particularly within a short timeframe. Governments have a key role to play in creating an enabling environment for very large-scale private sector capital allocation through climate policies which place a value on CO2 emissions reductions.”
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