11/30/2023 0 Comments Carbon capture and utilizationSince then, deployment has tripled (albeit from a small base), the range of demonstrated applications has expanded, costs have declined, and new business models have emerged. Support for CCUS in economic recovery plans can ensure the Covid-19 crisis does not derail recent progress. Despite almost USD 4 billion in government and industry commitments to CCUS so far in 2020, the economic downturn is set to undermine future investment plans. CCUS is in a much stronger position to contribute to sustainable recoveries than it was after the 2008-09 global financial crisis. Stronger investment incentives and climate targets are building new momentum behind CCUS. After years of slow progress and insufficient investment, interest in CCUS is starting to grow. Plans for more than 30 commercial facilities have been announced in the last three years. And projects now nearing a final investment decision represent an estimated potential investment of around USD 27 billion – more than double the investment planned in 2017. This portfolio of projects is increasingly diverse – including power generation, cement and hydrogen facilities, and industrial hubs – and would double the level of CO2 captured globally, from around 40 million tonnes today. It is the only group of technologies that contributes both to reducing emissions in key sectors directly and to removing CO2 to balance emissions that cannot be avoided – a critical part of “net” zero goals. It includes new geospatial analysis of power and industrial emissions in key regions and their proximity to potential geological storage.Ĭarbon capture, utilisation and storage (CCUS) will need to form a key pillar of efforts to put the world on the path to net-zero emissions. A net-zero energy system requires a profound transformation in how we produce and use energy that can only be achieved with a broad suite of technologies. Alongside electrification, hydrogen and sustainable bioenergy, CCUS will need to play a major role. The report considers innovation needs across CCUS technologies and applications. It identifies four key contributions: tackling emissions from existing energy infrastructure a solution for sectors with hard-to-abate emissions a platform for low-carbon hydrogen production and removing carbon from the atmosphere. The report examines in detail the role for CCUS technologies in clean energy transitions. ![]() After years of slow progress, new investment incentives and strengthened climate goals are building new momentum behind CCUS. ![]() Carbon capture, utilisation and storage (CCUS) is the only group of technologies that contributes both to reducing emissions in key sectors directly and to removing CO2 to balance emissions that are challenging to avoid – a critical part of “net” zero goals. A net-zero energy system requires a profound transformation in the way we produce and use energy that can only be achieved with a broad suite of technologies.
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