2024-07-15 01:14:58
The development of carbon markets, namely carbon trading and the development of a carbon credit mechanism, can play a key role in accelerating the global adoption of green hydrogen, sustainable aviation fuel (SAF) and the latest direct air capture and storage (DACS) carbon dioxide removal system.
This was reported by Day.Az with reference to a study by the International Energy Agency (IEA) and the company “GenZero”.
“Development of a carbon market and carbon credits can attract private capital to projects to develop new technologies, which is important for the implementation of the global climate agenda. Governments and the private sector must cooperate to create the right favorable conditions for investment in new technologies and “green” trends. Political will and effective financial instruments are needed,” the IEA and GenZero believe.
Their joint paper states that to achieve global targets for net zero emissions and limit the rise in global average temperatures to 1.5°C, it is necessary to rapidly scale up the deployment of innovative clean energy technologies.
“By 2030, low-emission hydrogen production should increase from almost zero to a staggering 70 million tonnes. The share of SAF in aviation should increase to around 11%, and annual carbon dioxide removal via DACS should reach almost 70 million tonnes,” the IEA and GenZero predict.