India Plans a $2.2 Billion Bet on Carbon Capture and Storage (1)

India’s government proposed a 200 billion rupees ($2.2 billion) program to ramp up the deployment of carbon capture utilization and storage technology, to help mitigate the emissions of five heavily polluting sectors.

The plan would target power, steel, cement, refineries and chemical over the next five years, India’s Finance Minister Nirmala Sitharaman said during her annual federal budget speech Sunday.

Carbon capture technology, which stores or recycles an industrial plant’s emissions, is gaining popularity globally as nations are failing to decarbonize their economies at the pace required to curb climate change.

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