Market driven future potential of bio-CC(U)S
The ratification of the Paris Agreement is an important step towards reducing global greenhouse gas emissions and mitigating climate change. With the aim of restricting the global temperature increase to "well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5°C" the Intergovernmental Panel on Climate Change (IPCC) estimates a remaining budget of around 1000 - 1600 gigatonnes of carbon. This calls for a significant reduction of greenhouse gas emission throughout this century. One tool to comply with tough emission restrictions is negative CO2 emissions, or Carbon Capture and Storage of biogenic CO2 emissions (Bio-CCS).
Capturing and permanently storing CO2 originating from biomass enables a withdrawal of CO2 from the atmosphere. Bio-CCS is currently the only known large-scale carbon negative solution that is highlighted in global climate change mitigation efforts and the significance of negative emissions is expected to increase after the ratification of the Paris Agreement.
Near-term deployment of carbon negative solutions in certain sectors will be vital in order to reach greenhouse gas emission reduction targets and allow for a temporary overshoot of the carbon budget as more challenging sectors are decarbonized in the longer term.
This session focuses on understanding the future market driven deployment of Bio-CCS technologies. The session will start with key talks on Bio-CCS followed by a roundtable discussion with representatives from industry. The main focus of the discussion will be on market drivers that could possibly enable large-scale implementation of carbon negative technologies.