Asia-Pacific on track to become world’s largest CO2 shipping market, says report
The Asia-Pacific region is set to become the world’s largest carbon dioxide shipping market, driven by vast distances between emission sources and offshore storage sites, according to a new CCUS report from global energy consultancy Xodus.
By 2055, the region could require more than 90 storage sites, around 8,000km of pipelines, and close to 80 dedicated CO2 shipping vessels. Building six carriers per year over the next 15 years would help to meet this demand, the report adds.
Japan and South Korea, which lack domestic oil and gas resources, are expected to lead the region’s CCUS deployment. Their storage needs could require an offshore industry on par with northwest Australia’s gas infrastructure, Xodus said.
Unlike Europe, where most CCUS projects are pipeline-based and located near emitters, APAC’s geography means long-distance shipping will dominate, at least in the early stages of development.
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