Carbon Sequestration needs government funding

A new report from the International Energy Agency urges the world’s governments to invest $20 billion in near-term, full-scale carbon capture and storage demonstrations. The report, entitled “Carbon Dioxide Capture and Storage: A Key Carbon Abatement Option,” says that current spending is nowhere near the level needed to achieve the necessary emissions reductions set forward by the G8. The report acknowledges that CCS technology costs have shot up in the last five years but says this makes it all the more necessary for governments to invest and install long-term policies to encourage CCS.

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