The IPCC Special Report on Global Warming of 1.5 °C states that to limit global warming to 1.5 degrees, the industrial sector needs to reduce its emissions by 75-90 per cent, before phasing out emissions completely. While many decarbonization discussions often focus solely on the power sector, the industrial sector accounts for one-fifth to one-quarter of global CO2 emissions. In some regions, despite accelerated efficiency and renewable build-out, industrial emissions are greater than those from the power sector.
The industrial sector accounts for approximately 25 per cent of global GDP, therefore forming an integral part of our global economy. Yet, continued urbanization, economic prosperity and population growth are set to drive increased demand for industrial products. Research, such as the Energy Transitions Commission’s landmark report Mission Possible, has shown that carbon capture and storage (CCS), a set of decarbonization technologies, can make important contributions toward decarbonizing the industrial sector. In fact, for emissions-intensive industries such as steel, cement, and fertilizer manufacturing where electrification has its limits, it is currently the only option available to eliminate CO2 from the production process. In addition, the technology can also dramatically reduce emissions from hydrogen production, laying a path to kick-start the energy transition today.
This high-level event seeks to explore the decarbonization of the world’s emissions blindspots in an effort to address the climate crisis and the role carbon capture and storage plays with perspectives from environmental organizations, industry, and government. The Global CCS Institute is an international think tank backed by governments, companies, and NGOs. Represented in seven countries, the Institute's mission is to accelerate the deployment of carbon capture and storage within an energy transition that reduces emission to net-zero by mid-century.
This event is part of the Industry Transition program of Climate Week NYC.