Note: This article was carried over from CO2 Sciences as a result of our merger.
The Global CO2 Initiative was launched today during the annual meeting of the World Economic Forum. The Initiative, and its research funding arm CO2 Sciences, will catalyze innovative research in carbon capture and utilization (CCU). It will also accelerate commercialization of CCU products. Preliminary estimates put the annual market for CCU products at $800 billion – $1.1 trillion by 2030 with potential annual reduction of CO2 in the range of two to three gigatons.
McKinsey & Company previewed preliminary findings from an unprecedented and comprehensive market assessment conducted on behalf of CO2 Sciences, Inc. The assessment cataloged the many existing and potential CCU products, including fuels, materials, chemicals, plastics, agriculture, food and industrial gases. The market assessment is based on rigorous projections of the potential revenues and carbon capture.
Individuals presenting at the launch event included:
- John B. Veihmeyer – Chairman, KPMG International
- Lord Nicholas Stern – Chair, Grantham Research Institute on Climate Change and Environment, London School of Economics
- Bernard J. David – Chairman and CEO, CO2 Sciences, Inc.
- Kimberly Henderson – McKinsey & Co.
- Timothy A.A. Stiles – National Practice Leader, Development & Exempt Organizations, KPMG LLP
The following dignitaries in attendance also made comments:
- Johan Rockström – Executive Director, Stockholm Resilience Centre
- The Honourable Kevin Rudd – 26th Prime Minister of Australia
- The Honorable Christopher Coons – United States Senator