RIYADH, Saudi Arabia – The Carbon Management Challenge announced today by the White House is a big step forward in the battle against global warming, according to Joseph McMonigle, the IEF Secretary General.
US President Joe Biden joined other leaders in the Major Economies Forum on Thursday to announce the Carbon Management Challenge to accelerate carbon capture, removal, use, and storage technologies, the White House said.
"The IEF is pleased to support the Carbon Management Challenge and we look forward to working with our 72 member countries to make real progress here," Mr McMonigle said.
The Carbon Management Challenge is an initiative to encourage countries to rapidly accelerate projects to abate CO2 emissions from fossil fuels.
"Coming just days after the G-7 energy and climate ministers committed to phasing out unabated carbon emissions by 2050, it is vital that we also commit to investment in carbon abatement technologies," Mr McMonigle said.
"Our priority must be to forestall the climate crisis by cutting CO2 emissions, while at the same time preserving our standard of living through affordable and reliable energy. Carbon abatement technologies hold out the hope of securing both these objectives," he added.
The IPCC and other experts agree that the world cannot meet the Paris climate goals without widespread deployment of carbon management technologies. Today, about 40 million metric tons of carbon is captured per year. To reach climate goals, however, deployment must reach 5.6 Gigatons of CO2 annually by 2050, according to an IEF report.
"Carbon management technologies are not a substitute for accelerating other efforts to tackle climate change including scaling up renewables and nuclear power, and putting a stop to deforestation. They will help us to meet our twin goals of climate security and energy security more quickly," said Mr McMonigle.
The IEF has been working on carbon management technologies under its Circular Carbon Economy Program for three years and has held two high-level roundtables on the subject, most recently in February 2023.