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Screenshot of IEA's "CCUS in Clean Energy Transitions" report

There's growing momentum behind deploying technology that traps and stores CO2 emissions, but much more investment and stronger policies are needed, the International Energy Agency said in a new report.

Why it matters: The technology is vital to enabling the radical emissions cuts needed through the 2050-2070 timeframe to keep temperature rise in check, the agency said.

  • "Without a sharp acceleration in [carbon capture, utilization and storage] innovation and deployment over the next few years, meeting net-zero emissions targets will be all but impossible," the report states.
  • It also warns that investment has "fallen well behind that of other clean energy technologies," and accounts for under 0.5% of global investment in climate-friendly energy.

By the numbers: Plans for over 30 commercial facilities have emerged over the last three years, and projects nearing final investment decisions represent an estimated $27 billion worth of investment.

  • But the extent of the scale-up ultimately needed must increase by orders of magnitude, IEA said.
  • Currently deployed global capture capacity is around 40 million tons of CO2 per year (as the chart above shows).
  • In its Paris-aligned "sustainable development scenario," by 2070 10.4 gigatons of CO2 is captured "from across the energy sector."

Go deeper: Global climate goals 'virtually impossible' without carbon capture - IEA (Reuters)

Go deeper

Ben Geman, author of Generate
Dec 19, 2019 - Energy & Environment

Electric vehicles are coming, but no one is sure how fast

Data: Columbia Center on Global Energy Policy; Chart: Axios Visuals

A new study helps to show that experts are all over the map when it comes to gaming out the rise of electric vehicles in the global marketplace.

Why it matters: The speed at which EVs become truly mainstream is one variable affecting the future of oil demand and carbon emissions. Passenger cars account for roughly a fourth of world oil demand.

Hundreds of corporations sign statement opposing restrictive voting bills

Former American Express CEO Kenneth Chenault. Photo: Earl Gibson III/WireImage)

Hundreds of companies and executives released a letter on Wednesday condemning legislation that restricts "any eligible voter from having an equal and fair opportunity to cast a ballot," per the New York Times.

Why it matters: It's the most concerted action yet by big business in opposition to GOP-sponsored bills at the state level that limit mail-in ballots, implement new voter ID requirements and slash registration options, among other measures.

36 mins ago - Axios Twin Cities

Brooklyn Center mayor in the spotlight after Daunte Wright shooting

Mike Elliott has moved swiftly after the death of Daunte Wright. Photo: Kerem Yucel/AFP via Getty Images)

The killing of Daunte Wright by a Brooklyn Center, Minn., police officer has thrust Mayor Mike Elliott into the national spotlight.

The big picture: Elliott, with the backing of the city council, has acted quickly and boldly in the wake of the shooting. He fired longtime city manager Curt Boganey, took control of the police department and called for the firing of officer Kim Potter, who resigned on Tuesday.