According to the Global CCS Institute’s 2021 Report, there are currently 27 active large-scale commercial CCS projects around the world. Each of these is a critical contributor to the reduction of carbon emissions. In addition, there are 108 projects currently in the pipeline. This number represents an increase of 71 projects – double the previous number – that have been added in less than 12 months since the Institute’s 2020 Report.
The United States is one of the leading developed countries investing heavily in CCS projects. As one of the world’s heaviest CO2 emitters, a shift in US Government policy has created the opportunity for CCS to fit into well-executed business cases for investment. There is excellent evidence in the US that when policy assists business then projects proceed.
Increases in commercial CCS infrastructure
The commitment to CCS has become much more visible since the Paris Agreement of 2015, with most industries introducing CCS into a broad suite of carbon reduction technologies. Many developed countries have taken a supportive stance toward CCS policy and projects. There has also been a significant uptake in private investors including CCS in their portfolios due to the technology’s capabilities in low risk and low-cost implementation.
The success of current operational plants, particularly in Norway, has been instrumental in advancing CCS facility development.
Over the past 12 months, the United States has added 36 additional commercial-scale CCS projects to its pipeline, followed by the United Kingdom with eight, the Netherlands with five, and Belgium adding four intended commercial-scale CCS facilities to their respective pipelines’ outlook.
Why is CCS gaining so much momentum?
To summarise the advantages that CCS technology provides would make for an interesting, however very long, read. There has been a great deal of exploration into CCS technology from many of the world’s leading companies and think tanks. It is clear that reaching the goal of net-zero emissions by 2050 is not possible without carbon capture and storage technologies. Instead of companies and governments thinking about which renewable technologies are most suitable as a singular implementation, the conversation has shifted toward all technologies that have the potential to reduce CO2 emissions being considered as part of a full suite of solution-based technologies.
Governments and companies know that different solutions are required for different industries and geographies. There is also the need to capture existing carbon from the atmosphere. Other key challenges are risk, cost, time and scale. CCS is already considered a low-risk, low-cost technology that can be applied quickly and successfully. The scalability of CCS is a major factor in its growth potential. CCS projects tend to be vertically integrated with the capture plants having their own downstream transport system. This system is advantageous to large-scale applications. There has been a trend toward creating CCS networks, enabling the sharing of CO2 transport, pipeline, shipping and storage wells. The creation of these networks allows for smaller projects to be financially sustainable, opening pathways for greater integration and problem-solving.
There is a great deal that can be done in the carbon capture and storage space. The number of active CCS projects is fuelling confidence in the technology, resulting in a huge uptake of new and exciting projects under development. With sustained investment and commitment to CCS, the goals of the Paris Agreement are much more likely to be met.
CCS Energy is committed to forging your path toward net zero emissions. Our expertise can help clients set realistic targets and tap into additional asset value through carbon offset mechanisms available through various global emission trading schemes. Our team members are CSS experts and well engineers, passionate about identifying efficient and cost-effective transition technology to capture and store carbon and reduce your operation’s carbon footprint.
With years of technical experience in the petroleum industry, we can provide all aspects of technical design, project management and regulatory administration.
When your business is ready to do its part in reducing its carbon emissions footprint, give our team a call. We only offer the very best solutions and technical expertise.
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