NET News Issue 6: Editorial
Companies, from Barclays to BP and Shopify to Shell, are becoming increasingly visible at the forefront of efforts to move the global economy towards a mid-century net-zero carbon emissions goal, challenging governments to keep pace. Infrastructure carbon transportation and storage projects are a focus for many companies in the oil and gas sector, and projects in Belgium, the Netherlands, Norway, and the UK are reporting encouraging progress. These projects will support carbon capture in hinterland industrial hubs as well as being essential to achieving negative emissions through BECCS and DACCS.
More broadly, far-sighted companies and investors are increasingly seeing the importance and potential of a diverse portfolio of carbon removal technologies – ranging from soil carbon enhancement to negative emissions hydrogen production with ocean alkalinity enhancement.
But companies alone can only go so far, even under growing pressure from their customers and shareholders, and governments need to quickly pick up the pace and put in place the policy frameworks that are needed to enable these technologies to scale up.
These frameworks will need inter alia to address;
• Support for research, development and demonstration of a broad portfolio of CDR approaches, not limited to BECCS and DAC,
• Support for the deployment of promising near-term opportunities in order to kick-start learning from early projects, and
• A commitment to the formal integration of CDR into emissions accounting systems and market mechanisms, with clear separation of targets and incentives for emissions reduction and CDR.
Parties to the 2015 Paris Agreement are expected to submit their second round nationally determined contributions (NDCs) by the end of this year and, for those governments that are serious about achieving the Paris goals, negative emissions will be a major feature of these revised commitments.
The global pandemic has inevitably delayed this work (to date only 2 of the 188 states have submitted 2nd NDCs) but has hopefully also given governments time for further reflection on their responsibility to deal with the equally pressing climate emergency.
The current edition of NET News can be downloaded here, and covers recent key developments in this growing sector. Future issues will to keep you up-to-date with developments across the NET field – from R&D to policy, governance, and social license. Past issues can be downloaded here.
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