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☆ COP28: What to expect from the UN's high-stakes climate change summit
▼ + stars: | 2023-11-30 | by ( Sean Conlon | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCOP28: What to expect from the UN's high-stakes climate change summitThe United States and China are ramping up their climate cooperation, agreeing earlier this month to triple renewable energy capacity globally by 2030 and "operationalize" a bilateral working group, among others. The move comes just weeks before nations gather at the 28th United Nations climate summit, also known as COP28. Here's what to know about the two-week conference.

Organizations: 28th United Locations: United States, China, 28th United Nations

Scientists have said carbon removal is needed to keep climate goals alive. Otherwise, the enormous price tag for world-scale carbon removal would need to fall to governments if there is any chance of these projects surviving. A major concern is that DAC technology is both expensive and unproven at scale. More mature carbon capture and storage (CCS) technology, which traps emissions at a point source like a smokestack, also requires a rapid scale up to make a difference. Their money will be made instead by marketing carbon removal credits to corporations not involved in fossil fuels that wish to offset unavoidable emissions, or to governments seeking to stay on track with climate targets.

Persons: Climeworks, ”, Vikrum Aiyer, Sultan al, Jaber, Vicki Hollub, Mike Avery, Christoph Gebald, Richard Valdmanis, Marguerita Choy Organizations: Reuters, REUTERS, Occidental Petroleum, BlackRock, U.S ., Occidental, 28th United, OPEC, United Arab, International Energy Agency, IEA, Global CCS Institute, Stratos, DAC, Department of Energy, Thomson Locations: Tracy , California, Texas, In Louisiana, 28th United Nations, Dubai, United Arab Emirates, Louisiana, Iceland, California, U.S, UAE, Occidental

From there, the carbon can either be moved directly to permanent underground storage or it can be used in another industrial purpose first, variations that are respectively called carbon capture and storage (CCS) and carbon capture, utilization, and storage (CCUS). Another form of carbon capture is direct air capture (DAC), in which carbon emissions are captured from the air. REUTERS/David Stanway/File Photo Acquire Licensing RightsOne stumbling block to rapid deployment of carbon capture technology is cost. Countries including the U.S. have rolled out public subsidies for carbon capture projects. The Inflation Reduction Act, passed in 2022, offers a $50 tax credit per metric ton of carbon captured for CCUS and $85 per metric ton captured for CCS, and $180 per metric ton captured through DAC.

Persons: David Stanway, Benjamin Longstreth, Petra Nova, Simone Stewart, Stewart, Leah Douglas, Marguerita Choy Organizations: 28th United, United, United Arab Emirates, CCS, Global CCS Institute, Drillers, International Energy Agency, REUTERS, U.S, CCUS, DAC, Task Force, U.S . Department of Energy, Navigator, U.S ., National Wildlife Federation, Thomson Locations: 28th United Nations, United Arab, U.S, Norway, Iceland, China, Canada, Qatar, Australia, Texas, Louisiana, Wuhu, Anhui province, North America, East Africa, U.S . Midwest

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