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Letter on carbon: Beyond the current trajectory
Policymakers must match their rhetoric with bolder action if they really want CCUS to scale up to meaningful levels
Letter from London: Shell blasts EU carbon storage targets
Binding CO₂ injection targets for oil and gas firms are ill-defined and very unrealistic, oil major tells London CCS summit
Europe in race to unlock CDR investment
Policymakers acknowledge crucial role for direct air capture and other removal technologies in meeting climate goals
Northern Lights goes live
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Letter on carbon: Chasing down the cost of DAC
Innovation is moving at pace in the direct air capture sector, but will costs fall quickly enough to make it a mainstay of the voluntary carbon market?
Chevron joins push for Asia CCUS hubs
US company reiterates commitment to CCUS as it agrees to work with major steelmakers to drive large-scale deployment in Asia
Germany eyes blue hydrogen as cabinet backs CCS
Draft law opens door to large-scale carbon capture and storage, and could unleash investment in gas-based hydrogen projects
China eyes global collaboration on CCUS
Sinopec hosts launch of global sharing platform as Beijing looks to draw on international investors and expertise
EU’s binding CCS targets: A burden or a blessing?
Oil and gas companies will face penalties if they fail to reach the EU’s binding CO₂ injection targets for 2030, but they could also risk building underused and unprofitable CCS infrastructure
EU proposes 90% 2050 climate target
European Commission introduces new flexibilities for member states to ease compliance with headline goal
Drax Power’s main site in Yorkshire
Carbon capture
Stuart Penson
19 January 2024
Follow @PetroleumEcon
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Letter on carbon: Backing Beccs

Drax Power has secured planning permission to start developing one of the world’s largest commercial projects, but how robust is the argument for deploying Beccs at scale?

Policymakers and the IEA have been telling us for some time that bioenergy with CCS (Beccs) will be needed at scale if we are to achieve net zero. But scepticism over the technology’s claimed ability to deliver negative emissions, or carbon removal, as well as serious doubts over its economic viability and its access to enough sustainably sourced feedstock have constrained its growth. Based on projects in the early and advanced stages of deployment, carbon removal via Beccs could reach just under 50mt/yr by 2030, according to the IEA. This falls far short of the approximately 190mt/yr by 2030 needed for the agency’s Net Zero Emissions by 2050 (NZE) Scenario. However, deployment of Beccs is g

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Letter on carbon: Beyond the current trajectory
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