G7 Summit declaration on climate: a positive signal for CCS
G7 heads of state and government agreed on a declaration to back the 2 degree climate target last Monday at the G7 Summit in Germany. The 7 leaders support the IPCC recommendation to reduce CO2 emissions “40 to 70% by 2050 compared to 2010 [levels] recognising that this challenge can only be met by a global response”. The G7 declaration represents a major step forward, as it sends a strong signal that the wealthiest countries in the world are determined to collectively address the global warming issue. This also shows a clear commitment to invest in development and deployment of low-carbon technologies within national low-carbon strategy plans.
We see the G7 meeting as a positive development for carbon capture and storage (CCS) technology. The meeting declaration is a strong signal of support for CCS technology, as some of major CCS technology providers are European companies and come from G7 states. The declaration is also in line with the G7 Energy Ministers communiqué published on May 12 where, inter alia, they encourage countries which opt to make use of carbon capture, use and storage to collaborate on large-scale demonstration projects. We also see this as a signal that CCS needs to be a core part of the EU’s energy agenda. Last October when the European Council discussed the 2030 climate and energy framework it concluded that European long-term low-carbon pathways need to be defined at a national level to allow deployment of CCS at its full potential. The next step is to operationalize how this is to be done.
CCS projects have comparatively long development time, and as such are facing challenges some other technologies and projects don’t. Thus, it is essential to ensure continuity in availability of project finance, appropriate regulatory framework and coordinated enabling policies both on the EU and on the Member State level. We see the G7 declaration and the recent Energy Ministers communiqué as an intent to encourage EU Member States to actively plan and create these much needed enabling frameworks and policies.
The G7 declaration reveals the intent to push forward favourable conditions for CCS and other low-carbon technologies that are to be fully developed through individual national plans.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of any of the projects of the European CCS Demonstration Projects Network.