The International Energy Agency (IEA) published its 2024 headline "World Energy Outlook", looking at key trends in the global energy market for the next years.

Last week, the @International Energy Agency (IEA) published its headline "World Energy Outlook", looking at key trends in the global energy market for the next years.

One of, if not the most authoritative report of its kind, here are a few of the key points on trends in CCS:

• Despite positive trends, only 20% of announced capture capacity and 15% of announced storage capacity have reached an FID or are already in operation.
• The list of announced projects falls short of what is needed to capture to reach net-zero by 2050. To achieve these targets, we need more projects aimed at reducing emissions from hard-to-abate industries.
• Especially for industry, there is a large gap between project announcements (estimated to reach 39 Mt globally) and the required rates of emissions capture. To reach global targets, we would need almost a tenfold increase by 2035.

The insights of the report are a great reminder that, in addition to the existing financial and policy framework, we need more work to improve the business case for CCS and help industry reach FID's. Only then will CCS actually have the impact that is projected.

Read the full World Energy Outlook report for 2024 here: https://iea.blob.core.windows.net/assets/c036b390-ba9c-4132-870b-ffb455148b63/WorldEnergyOutlook2024.pdf