Published by Todd Bush on October 21, 2022
New analysis from the Global CCS Institute finds that there are over 160 commercial CCS projects in development worldwide as the response to climate change advances from ambition to action.
MELBOURNE, Australia, Oct. 17, 2022 /PRNewswire/ -- Carbon capture and storage (CCS) continues to grow worldwide, according to a new report released by climate think tank the Global CCS Institute. The Global Status of CCS 2022 report reveals a record high of 196 commercial CCS facilities in the project pipeline, including 30 projects in operation, 11 under construction, and 153 in development. With 61 new facilities added to the project pipeline in 2022, the CO2 capture capacity of all CCS facilities under development has grown to 244 million tonnes per annum (Mtpa) – an impressive growth of 44 percent over the past 12 months.
The Global CCS Institute's CEO, Jarad Daniels, said the rate of growth for CCS can be expected to increase further as countries and companies work to achieve their climate commitments on a shrinking carbon budget.
"The latest, most credible scientific analysis from organizations including the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA), highlights that reaching our climate goals is practically impossible without CCS," said Mr. Daniels.
"CCS is the Swiss Army knife of climate mitigation - it will continue to play multiple, unique roles in decarbonising the global economy. Many essential industries like cement and chemical production have no other viable path for deep decarbonisation other than CCS."
Not only is CCS vital for reducing CO2 emissions, investment in CCS also offers significant economic and social benefits. For example, CCS can help facilitate a just transition in communities who are reliant on carbon intensive industries; protecting local jobs from economic dislocation by helping transform emission-intense industries to near-zero industries.
As CCS continues to scale-up we are also seeing savings in cost and efficiency of deployment. "Thanks in part to strengthening government policies around the world, CCS is increasingly commercially competitive across the full value chain, from capture technologies through to storage," explained Mr. Daniels. "We anticipate even more strategic partnerships and collaboration driving deployment, particularly through CCS networks."
The Global Status of CCS 2022 shows:
Although the outlook for climate action has never been more positive, global efforts to reduce emissions, including investment in CCS, are still grossly inadequate. "Government policy must be met with private capital to unlock the full potential of CCS and limit global warming to 1.5 degrees to avoid the most catastrophic impacts of climate change. Though CCS deployment is scaling rapidly, we need to see an increase by at least a factor of 100 if we are to achieve the Paris climate goals, which makes this decade an absolutely critical time to move from ambition to action."
SOURCE Global CCS Institute
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