Carbon prices need to increase more than seven-fold by 2030 to limit temperature rise to 1.5 degrees, and CO2 might have to be shipped internationally for sequestration, according to energy research house Wood Mackenzie.
The cost of capturing carbon has dropped by at least two thirds, and storage hubs can play an important role in sequestering it from multiple industrial sources, says Brad Page of the Global CCS Institute.
State governments are continuing to push ahead in developing clean hydrogen technologies, with a major new project in Victoria by Kawasaki Heavy Industries, and the announcement of a new 'green hydrogen' facility for South Australia.
Carbon capture and storage is essential for power plants and some industries, and deployment will require a high carbon price and phased-in bans on fossil plants that don't have it, says Lord Nicholas Stern.