On the third day of Gastech 2023 being held in Singapore, senior ministers, business leaders, and global climate specialists reached a consensus on the steps required to develop new solutions to reduce carbon emissions and accelerate climate technologies.
Participants agreed that globally, a clearer picture of the transformative potential of climate technologies is emerging, with new infrastructure promising to mitigate emissions being brought to market.
The day kicked off with a set of in-depth discussions on carbon capture and storage and its potential to accelerate and transform capabilities at a global scale.
According to data from the Global CCS Institute, last year Europe and the US were on track to sequester just 1.5-2.0% of their current emissions by 2030, falling short of what is required by 2035 to meet the 1.5˚C pathway.
Throughout the panel, speakers discussed the scale of momentum behind the technology and the impact that a more favourable regulatory environment would have on the development of the technology.
Speaking on the panel, Paul Everingham, Chief Executive Officer of the Asia Natural Gas & Energy Association (ANGEA), said: “There will not be an orderly transition in Asia without natural gas and carbon capture. The big challenge, especially for heavy-emitting North Asian countries, is storage. We are going to invest significant funds in doing a detailed study on a framework for the Asia-Pacific region that looks at carbon capture, carbon storage, carbon transport, and carbon pricing. Using that, we can give certainty to financiers and engineers to implement the scheme.”
Climate tech was also the focus of a major Global Business Panel later in the morning between innovators and investors, encouraging the development, deployment, and diffusion of critically important solutions to tackle the critical issue of emissions reduction.
Concerns were raised around how one-third of methane emissions come from the energy sector. Yet, methane, which is just one piece of the puzzle, is considered more than 25 times as potent at trapping heat in the atmosphere compared with CO2.
Across the panel, it was recognised that the successful adoption of emissions abatement solutions will require supportive policy frameworks and cross-industry collaboration to enable Climatetech breakthroughs.
Other panels on Gastech 2023’s third day included spotlight sessions on decarbonising shipping and increasing LNG supply resilience.