John Kerry Warns Oil and Gas Industry to Validate Carbon Capture or Accelerate Shift From Fossil Fuels

John Kerry, the US Special Presidential Envoy for Climate, has warned the oil and gas industry to prove the viability of carbon capture technology or confront a quicker shift away from fossil fuels. 

Carbon capture utilization and storage (CCUS) has become the primary decarbonization strategy for the oil industry, as it allows the extension of fossil fuel usage while reducing emissions.  

However, the high cost and unproven effectiveness of the technology on a large scale have proven to be roadblocks and raised concerns regarding its deployment.  

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John Kerry stressed on the importance of carbon capture for the oil and gas industry at the Gastech conference in Houston. He mentioned that if CCUS facilities successfully captured emissions, it would mark a step forward.

However, if fails to capture the emissions, then the transition away from fossil fuels will be sped up.  

This warning aligns with the global consensus reached at COP28, where countries committed to transitioning away from all fossil fuels to help mitigate climate change and its effects.  

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Major fossil-fuel-producing countries, such as the United Arab Emirates, have voiced optimism about carbon capture technology, a view echoed by leading oil companies worldwide. 

The U.S. government has introduced substantial tax credits for CCUS through the Inflation Reduction Act. However, the technology's high costs and complexity have limited its broader implementation. 

Critics from climate organizations argue that CCUS serves as a delaying tactic, contending that a more effective approach would be to transition directly to cleaner energy sources.