Although currently negligible in prominence, carbon capture and storage (CCS) could be the technology that makes the world’s carbon emission reduction targets achievable, says GlobalData in its latest report.
The company’s report, entitled Carbon Capture and Storage (CCS) for Coal Fired Plants– Opportunity Assessment and Key Country Analysis to 2025, explores the retrofit potential and new market potential for the global CCS market in terms of revenues and capacity.
It also discusses the key drivers and restraints impacting the market, identifying that this technology must be employed much more widely in order for CCS to make the level of impact its potential suggests.
Only recently has the concept of long-term carbon storage been viewed as a viable means of reducing the amount of carbon released into the atmosphere from power plants.
Correspondingly, a modest 238 megawatts (MW) of CCS capacity was installed globally at the end of 2011, but according to current government plans and other initiatives, a far more substantial 10 gigawatts (GW) is expected to come online by the end of the decade.
China, the US, Australia, Japan, Norway, the Netherlands and the UK have invested heavily in CCS Research and Development (R&D) activities and are the global leaders in the industry; however, there are currently no large-scale CCS demonstration projects active for coal-fired plants.
Meanwhile, in a separate development, the inaugural Chair of the Global CCS Institute Board, Russell Higgins AO, has announced that Paul Dougas is to be his successor from 1st January 2013.
“I am pleased that the Institute will benefit from Mr Dougas’ leadership and extensive knowledge and experience,” Higgins said. “His more than 40 years in sustainability, financial, social and environmental consulting and strategy development in the Australian, European, South American and Asian engineering and environmental sectors will be a significant asset.”