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NEW YORK (Reuters) - Projects to capture industrial emissions and store them in the earth's crust could cut CO2 pollution by up to 40 percent, according to officials from oil major Shell.

Carbon capture and storage (CCS) -- gathering CO2 emissions at their source and pumping them underground -- faces steep cost hurdles, but may someday be worth hundreds of billions of dollars a year, a Shell executive said. "CCS is probably the largest source of potential carbon reduction for the next 30 years, and a way to deal with 30 to 40 percent of (global) emissions," said Kimberly Corley, Shell senior advisor for CO2 and environmental affairs. The technology is now used from Texas to Algeria to pump CO2 into oil and gas reservoirs, pressurizing them to increase output. But Shell is betting on becoming an industry leader in storing its own and other companies' carbon emissions to tap into financial perks given for lowering emissions.

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