New carbon capture projects are being confirmed all the time. What’s the state of play?
Across North America and the wider world, carbon capture and storage (CCS) projects are being announced all the time. And with more companies in hard-to-abate sectors committed to decarbonization, as well as governments showing increasing policy support, CCS will continue to gain momentum in 2023.
The backdrop for such work is the UN’s Intergovernmental Panel on Climate Change (IPCC), which has emphasized how CCS is needed as part of the package of measures to combat climate change as the world tries to forge a path to Net Zero by 2050. Internationally, there were 61 new CCS projects announced worldwide from January to mid-September 2022, and global commercial CCS capacity that is operational or under development is set to grow by 44% in 2023 to 244 million tons per annum (Mtpa).
Right now, however, not much is operational or starting up. Global operational capacity is only expected to increase by 2.3 Mtpa to 44.9 Mtpa in 2023, on the back of three projects outside of the US. The fast growth period will arrive in 2025, when the completion of more projects is forecasted to triple the current capacity, according to analysis by the research arm of Dutch bank ING. A lot of that new capacity will be in the US.
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