LONDON (ShareCast) - (Sharecast News) - The International Energy Agency said that without carbon capture, utilisation and storage programs it will be impossible for governments and large companies to meet targets for the reduction of greenhouse gases.
It called for global governments and major polluters to take urgent action to develop technologies to capture and store carbon emissions or it will be "virtually impossible" to reach climate goals .

The global energy watchdog added that CCUS projects should be central to the fight against climate change and the reduction of air pollution alongside the electrification of economies and the shift to renewable energy sources.

Fatih Birol, the IEA's executive director, said the process is "critical" in the transition from fossil fuels to cleaner energy alternatives. "Without it, our energy and climate goals will become virtually impossible to reach," he said.

The IEA also highlighted the "significant potential" of direct carbon capture schemes but said that they currently have very high costs.

There are only 20 projects in commercial use worldwide but more are gaining pace, said the IEA.

"Action from governments will be essential for establishing a sustainable and viable market for CCUS," Birol said. "But industry must also embrace the opportunity. No sector will be unaffected by clean energy transitions - and for some, including heavy industry, the value of CCUS is inescapable."

In the UK, energy companies such as National Grid, Drax and Equinor put forward last year plans for the first carbon neutral "industrial cluster" in the Humber that would be capable of capturing carbon.

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