Regulatory and Financial Gaps Hindering CO2 Removal Technologies
November 21 @ 1:30 pm - 4:30 pm
Following a short introduction by ERCST, this session will focus on the regulatory and financial gaps surrounding Carbon Dioxide Removal Technologies (CDRTs), and will be composed of two panels, the first focusing on these gaps at the EU level and the second focusing on the international level (Paris Agreement). This workstream will not promote specific CDRTs, but rather focus on the enabling framework that is necessary to deploy these technologies at scale, if they are proven to be sustainable.
During the last brainstorm session, focus was placed on how the development and deployment of CDRTs have become vital in order to remain consistent with numerous 1,5 °C pathways, up to and after 2050. Energy efficiency and renewable energy sources will continue to be key aspects for limiting warming to 1,5 °C, and CDRTs cannot be expected to solve all manner of ills. However, there is a definite need for employing all available options, including CDRTs, especially when factoring in the current lock-in of fossil fuels which far exceed the carbon budget for limiting warming to 1,5 °C.
At the current state of play, there are numerous challenges and barriers impeding the progress of these technologies, resulting in a sharp contrast between the development projections needed in various scenarios, and the current actual projections, highlighted by the low technology readiness levels across the board for CDRTs. Therefore, it is important to bring the discussion to focusing on the various impediments to these nascent technologies, looking at the existing regulatory and financial gaps.
This meeting builds upon the outcomes of the brainstorm session organised on September 24 in Brussels, as well as other activities. ERCST will organise more meetings on CDRTs in 2020.
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