The report highlights the importance of carbon capture and storage (CCS) technologies in achieving global climate goals. The International Energy Agency estimates that over 2000 operating facilities will be needed by 2040, up from 19 today, representing a 100-fold scale-up. CCS has versatile applications and can be used to decarbonize energy-intensive industries such as power, steel, cement, and fertilizer production. It can also reduce CO2 emissions already in the air through direct air capture and bioenergy with CCS. Investment in clean energy innovation, including CCS, has multiple benefits for society, including supporting economic growth and addressing the externalities created by emissions and climate change. Stimulus programs in the past have served to boost the economy while also accelerating clean energy policies. As such, stimulus funds and measures supporting economies with their Covid-19 recovery should be consistent with long-term climate goals.
