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Increasing Momentum for Carbon Capture and Storage Brings Global Decarbonization Goals One Step CloserBy PRNEWSWIRE
Published : Nov. 9, 2023 - 15:40
New analysis from the Global CCS Institute finds that there are now 41 commercial-scale CCS projects in operation and 351 projects in development worldwide. A promising trend amid the need for a massive scale-up.
MELBOURNE, Australia, Nov. 9, 2023 /PRNewswire/ -- Carbon capture and storage (CCS) has seen another year of expansive growth, according to research from the international think-tank the Global CCS Institute. The 2023 Global Status of CCS Report, released today, shows a significant surge in CCS projects across the globe with 198 new facilities added to the project pipeline this past year – a 102% increase. This is good news for climate action as world-leading climate and energy analysts agree that CCS is needed to meet global emission reduction goals.
In terms of both facility numbers and carbon dioxide (CO2) capture capacity, the project pipeline for CCS is at an all-time high. The 41 CCS projects in operation now have an annual CO2 capture capacity of 49 million tonnes per annum (Mtpa). Meanwhile, the total project pipeline capacity has expanded to 361 Mtpa of CO2, a 50% increase from 2022 – the highest jump since 2018.
The Global CCS Institute's CEO, Jarad Daniels remarked on this progress saying: "The climate math is clear, carbon capture and storage (CCS) is an essential climate mitigation technology, without which it would be virtually impossible to achieve net-zero emission targets. However, the math also indicates that this past year's impressive step-up still has us near the bottom of the staircase, so to speak, and that CCS must reach gigatonne per annum (Gtpa) scale in order to reach our emission goals."
Indeed, authoritative analysis by the Intergovernmental Panel on Climate Change, the International Energy Agency, and others, consistently indicates that achieving global climate targets will require annual CO2 storage rates of approximately 1 Gtpa by 2030 and multiple Gtpa by 2050.
"Policy makers, industry leaders, investors and the general public, are all feeling a growing urgency to address climate change, and that is accelerating many forms of mitigation, including CCS deployment, in leading regions around the globe. However, to meet our climate change mitigation targets global investment in CCS deployment this decade must grow even faster," said Mr. Daniels.
Other key takeaways from the Global Status of CCS 2023 report include:
- As of 31 July 2023, there are 41 commercial-scale CCS facilities in operation, 26 facilities in construction and 325 in various stages of development.
- Between 2022 and 2023, 11 new countries registered CCS facilities in various stages of development.
- The US still dominates CCS deployment, with 73 new facilities entering the pipeline in 2023. The UK, Canada and China increased their facility counts and remained in the top five CCS deployment countries. Australia now has 12 facilities in development.
- CCS deployment through networks has become the dominant pathway as networks deliver both economies of scale that reduce cost and business model synergies that reduce risk. The ongoing development of CCS networks has resulted in a new industry category of "CO2 transport and storage" facilities in the Institute's dataset. In 2023, 101 of these facilities were identified globally.
- CCS is also becoming a more prominent feature of public policy, from inclusion in 27 countries' Nationally Determined Contributions (NDCs) to the provision of targeted policy to drive deployment and the drafting of appropriate regulations.
- CCS financing prospects have improved substantially in the past year in key jurisdictions due to increased policy support and other factors, including price signals, and there is every indication that the momentum will continue. This has precipitated a substantial increase in CCS investment, mostly in equity funding.
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