COP26 brought worldwide attention once again to what action needs to take to address global warming. The IPCC published their latest report in August and stated that greenhouse gas emissions linked to human activities have been the primary driver for global warming over the past century. They also concluded that achieving net-zero carbon emissions is required to stabilise the global temperature.
In the mantra of “ending fossil fuels” – something future generations would have had to deal with anyway irrespective of climate concerns – there is often little room for nuance and a balanced discussion around transition. And yet much of the discussion at COP26 lay in this space. How can countries transition from A to B in a structured manner without risking blackouts and soaring energy prices?
Natural gas generated 52 per cent of Ireland’s electricity in 2018 with a further 14 per cent from coal and peat. Ireland’s gas supply currently comes from domestic production at the Corrib field and via pipeline imports from the UK. Ireland will become completely dependent on imports from the UK by 2030 in the absence of any new domestic gas discoveries, unlikely given the ban on new licences for petroleum exploration, and in the absence of a liquefied natural gas import facility.
Despite the potential, a major scaling up of CCS activity has been slow in the past due to high costs and the inability to commercialise carbon capture. However, interest in CCS as a mitigation option has been steadily growing across Europe this year driven in part by strengthening climate commitments, an improved investment environment and increased government support.
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