During the last Hiroshima Summit, the G7 leaders reaffirmed in a statement the importance of engaging with Global South countries to accelerate GHG emissions reduction, and to continue promoting the green transition to reach net-zero greenhouse gas emissions by 2050.
A particularly noteworthy aspect of the G7 statement is the explicit recognition of Carbon Capture and Utilisation (CCU) together with Carbon Capture and Storage (CCS) technologies as essential technologies in decarbonising industries that face significant challenges in reducing their emissions.
The G7’s stances align with the latest report released by the Intergovernmental Panel on Climate Change (IPCC) in 2022, which acknowledges the critical role of CCU as a solution to decrease net CO₂ emissions for a variety of hard-to-abate sectors, as well as a necessary technology to move away from fossil carbon.
CO₂ Value Europe welcomes this important political signal and reaffirms the pivotal role of CCU technologies in increasing the resilience of industrial production systems by reusing captured carbon and providing an alternative carbon feedstock to produce fuels, chemicals and materials and replace fossil-based equivalents. By doing so, we firmly believe these solutions will provide significant emission reductions (even carbon removals in some value chains depending on the carbon source and pathway), increase circularity in manufacturing systems and foster a skilled workforce in different industry clusters worldwide.
We call on all policy-makers and regulators to support the deployment of CCU technologies through effective regulatory frameworks and incentive-based policy instruments to pave the way for a more sustainable and carbon-neutral future.
Please find the press release here.