Energy Storage, Industrial - October 18, 2022
Carbon Capture Volume to Rise Sixfold by 2030
The global capacity for carbon capture in 2030 is set to rise sixfold from today’s level to 279 million tons of CO2 captured per year, according to research company BloombergNEF’s (BNEF) 2022 CCUS Market Outlook.
The massive rise in the market has led to a 44% increase in expected 2030 capacity compared to last year’s outlook.
Carbon capture, utilization and storage (CCUS) is technology that will be used to decarbonize hard-to-abate sectors such as petrochemicals and cement and to provide clean power through gas plants fitted with capture equipment.
While there have been improvements in these sectors during the past two years, there needs to be more deployment of the technology faster to meet the climate goals by the end of the decade, according to BNEF research.
The current use for capture capacity is used mostly to collect carbon dioxide from natural gas processing plants and used for enhanced oil recovery. By 2030, the majority of the capture capacity will be used for the power sector, for the manufacture of low-carbon hydrogen and ammonia, or to abate emissions from industrial sources
The amount of CO2 being captured currently is 43 million tons or 0.1% of global emissions.
“CCS is starting to overcome its bad reputation,” said David Lluis Madrid, CCUS analyst at BNEF and lead author of the report. “It is now being deployed as a decarbonization tool, which means the CO2 needs to be stored. A lack of CO2 transport and storage sites near industrial or power generation point sources could be a major bottleneck to CCS development. But we are already seeing a big increase in these projects to serve that need.”