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56 countries want carbon capture incentives in global climate accord

Financial incentives for carbon capture should be included in the global climate change treaty that leaders intend to sign next year in Paris, according to 56 countries.

The countries, which are a part of the United Nations Economic Commission for Europe (UNECE), said on Tuesday that commercial development of carbon capture and storage should have more political support.

Carbon capture is the process of taking carbon dioxide out of the atmosphere to reduce greenhouse gas emissions.

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"A post-Kyoto international agreement should accept a broad array of fiscal instruments to encourage CCS/CCUS (carbon capture storage and utilization), but the selection of instruments should be left to the discretion of national governments," the UNECE said.

“A post-Kyoto international agreement must recognize that capturing and storing carbon dioxide (CO2) from all industrial sectors will be essential to reach climate goals,” the UNECE statement adds.

The cement, steel, chemicals, refining and transportation sectors should be required to store carbon dioxide as well, the UNECE said.

The recommendation puts the issue on the table for discussions in Lima, Peru, next month, where delegates from nearly 200 countries will meet to begin crafting the global agreement, which is meant to slash greenhouse gas emissions.

The UNECE member countries submitted the recommendations on Tuesday to the secretariat for the United Nations climate change convention for further action to be taken during the Paris talks next year.

“Properly addressing [carbon capture utilization and storage] in an international agreement may be one of the few strategies to enable progress toward rapid deployment of [carbon capture storage] as an important part of global CO2 emission reduction activities,” the UNECE said.