Technology has 'critical role' in tackling climate change
Energy ministers from the G8 group of rich nations on Sunday pledged to launch 20 large projects to bury greenhouse gas by 2010 and deploy the technology a decade later.
G8 ministers plus counterparts from China, India and South Korea meeting in Aomori, Japan, said carbon capture and storage (CCS) technology had a 'critical role' to play in tackling climate change and energy security.
"We strongly support the recommendation that 20 large-scale CCS demonstration projects need to be launched globally by 2010 with a view to supporting technology development and cost reduction for the beginning of broad deployment of CCS by 2020," a joint statement said.
The International Energy Agency has recommended the commercial use of CCS technology by 2020.
The IEA report released on Friday said the world needed to effectively decarbonise the power sector by building dozens of billion-dollar CCS plants over the next 40 years.
Nobuo Tanaka, IEA executive director, said the world needed a technology revolution to halve greenhouse gas emissions by 2050.
Cutting emissions by half, the IEA predicted, would cost $45 trillion during the next 40 years, or 1.1 per cent of global economic output over the period.
The eleven countries at the conference consume roughly two thirds of the world's energy.
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