Saudi Arabia and Russia have urged the World Bank to increase its financial support for carbon capture and storage.
Speaking at a meeting of the World Bank’s steering committee, Saudi Finance Minister Mohammed Al-Jadaan called on the World Bank to take on a prominent role in promoting carbon capture utilisation and storage (CCUS).
At the same meeting in Washington DC, Russia’s deputy prime minister Alexey Overchuk said CCUS was “of utmost importance to the green agenda”.
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The method is designed to remove carbon from the atmosphere, typically from a source that is extremely polluting, such as a fossil fuel power plant’s smokestack, and either use it or bury it. However, it is still highly pricey and hasn’t been tested extensively.
Brownen Tucker from the campaigning group Oil Change International said more World Bank support for carbon capture and storage would be “beyond ridiculous”.
“The World Bank prioritising carbon capture and storage would just be a way to greenwash its long-time role as a piggy bank for the fossil fuel industry,” she said.
Story was adapted from Climate Home News
