Currently, countries around the world recognize the need to reduce carbon dioxide emissions, the main culprit of global warming, and emerging carbon capture and storage (CCS) technology* can be seen as a viable way to reduce emissions. The Financial Times reports that EU member states have agreed to an investment plan for CCS technology, with an estimated \u20ac10 billion in public funds to be invested in the future. The European Commission and the European Investment Bank (EIB) will oversee the use of funds for the CCS program.<\/p>\n\n\n\n
The EU plans to reduce greenhouse gas emissions to 80% of 1990 levels by 2020, and is willing to raise its reduction target to 30%, assuming other countries can set similar targets. Furthermore, the EU expects renewable energy to account for 20% of electricity generation by 2020.<\/p>\n\n\n\n
On January 4, emerging technology research firm ABI Research pointed out that, according to its Global Carbon Market Outlook report, the global carbon emissions trading market will reach $395 billion in 2014, more than three times the $118 billion in 2008.<\/p>\n\n\n\n
Note: CCS technology is a technique used to capture and store carbon dioxide from emission-intensive industries such as coal-fired and gas-fired power plants. It involves capturing carbon from fossil fuels as carbon dioxide and storing it long-term in rock formations, such as oil or gas fields. The entire technology includes three stages: capture, transport, and storage. According to the United Nations Intergovernmental Panel on Climate Change (IPCC), the application of this technology could reduce global carbon dioxide emissions by 20% to 40%, thus having a positive impact on climate change. <\/p>\n\n\n\n
\u2013Reference source: Financial Knowledge Base 2010-02-04
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