November 26, 2024 09:52 GMT
EMISSIONS: 9.6GW of CCS-Enabled Plants May be Built by 2035
EMISSIONS
Up to 9.6GW of CCS-enabled power plants could be installed globally by 2035, a sevenfold increase from current capacity, but with fewer than 10% of projects permitted, the pipeline faces significant hurdles, according to BNEF.
- Over the past two decades, 11.3GW of planned carbon capture projects have been abandoned. The current pipeline would be twice as large without these cancellations.
- Nearly 25% of scrapped projects relied on subsidies that were later withdrawn. 21% faced cost overruns during development.
- Additionally, without stronger policies and financial backing, the carbon capture pipeline risks further stagnation, limiting its impact on decarbonising power grids globally.
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