LONDON, April 26 (UPI) -- The British government said it was allocating as much as $96 million to back carbon capture and storage technology in developing countries.
"We recognize that it is important to ensure CCS is deployed in developing as well as developed countries," British Climate Change Minister Greg Barker said in a statement. "The funding that the U.K. has committed today will support the development of new partnerships and capacity building activities in emerging markets."
The International Energy Agency said CCS technology could cut carbon dioxide emissions from the industrial sector as much as 4 gigatons by the middle of the century.
In a report with the U.N. Industrial Development Organization, the IEA said more than 1,800 large-scale CCS projects are needed in the next 40 years, however.
The commitment announced by the British government contributes to the $200 million recommended by a CCS action group.
"To tackle climate change, it is essential that CCS is deployed on a global scale both in power and industrial sectors," Jeff Chapman, the top executive of the Carbon Capture and Storage Association, said in a statement.