The Global CCS Institute has released its highly anticipated Global Status of CCS 2024 Report, showcasing a year of significant milestones and growth in the Carbon Capture and Storage (CCS) sector. As the world intensifies efforts to achieve net-zero emissions, CCS continues to expand as a crucial technology for reducing carbon emissions across multiple sectors. Here’s a look at the key takeaways from the report, which highlights the latest advancements, opportunities, and challenges in CCS.
Record Growth in CCS Projects
The CCS industry experienced unprecedented growth over the past year, with the total number of projects in the development pipeline reaching 628. This marks a 60% increase from the previous year and reflects growing global recognition of CCS as an essential tool in the fight against climate change.
Among these projects, 50 facilities are operational, and 44 are under construction. This rapid development is set to significantly boost global COâ‚‚ capture capacity, which is projected to double in the near future. Facilities under construction are expected to add 51 Mtpa (million tonnes per annum) of capacity to the current operational capacity of 51 Mtpa.
The Rise of Direct Air Capture (DAC) Technologies
Another exciting development in the CCS landscape is the growing focus on Direct Air Capture (DAC) technologies. DAC systems remove COâ‚‚ directly from the atmosphere, making them a vital addition to the broader portfolio of carbon capture solutions.
Currently, there are 3 commercial DAC facilities in operation, and an additional 16 projects are in various stages of development. As these technologies scale up, they offer promising potential for tackling emissions that are difficult to eliminate through traditional methods.
Regional Advancements: A Global Push for CCS
The Global Status of CCS 2024 Report underscores how various regions are stepping up their efforts to develop CCS infrastructure:
- North America: The U.S. continues to lead with a substantial boost in government support for CCS projects. Notably, the U.S. has committed US$10 billion to carbon management and clean hydrogen hubs, accelerating project development.
- Asia-Pacific: Countries like Malaysia, Japan, and South Korea are working on cross-border CCS projects and value chains that aim to manage emissions on a regional scale. These projects are key to the future of decarbonization in this highly industrialized region.
- China: As part of its climate policies, China is moving forward with plans to incorporate CCS into its efforts to reduce emissions from coal-fired power plants by 2027, signaling a critical step for the world’s largest emitter.
- Europe: The European Union has taken a bold approach to decarbonization with the Net-Zero Industry Act, which includes CCS as a pivotal technology in the transition to a cleaner economy.
The Middle East and Africa’s CCS Ambitions
In the Middle East and Africa, Saudi Arabia and the United Arab Emirates (UAE) are leading the charge in CCS development. The UAE has set an ambitious goal of achieving 43.5 Mtpa of CCS capacity by 2050, while Saudi Aramco has increased its target to 14 Mtpa by 2035.
In Africa, Kenya is making strides in the deployment of CCS technologies, having announced the development of a Direct Air Capture project with a capacity of 1 Mtpa. These efforts highlight the growing recognition of CCS as a necessary tool for reducing emissions in both oil-rich and emerging economies.
Collaboration, Policy, and Public-Private Partnerships
One of the key drivers of CCS development has been the increasing collaboration between governments and the private sector. The report notes that over 50 memorandums of understanding (MOUs) or agreements involving CCS have been signed since 2020.
At the same time, public-private partnerships are playing a vital role in driving CCS technologies forward. Multilateral initiatives such as the Clean Energy Ministerial have been instrumental in advancing CCS research, lowering costs, and accelerating project implementation.
Regulatory and Community Engagement
The successful deployment of CCS technologies requires not just technological advancements but also robust regulatory frameworks and effective community engagement. Governments worldwide are recognizing the importance of ensuring that CCS projects comply with regulations and that local communities are informed and involved in these efforts.
Conclusion: CCS as a Crucial Tool for Net-Zero
The Global Status of CCS 2024 Report paints an encouraging picture of the future of carbon capture and storage. With record numbers of projects in development, emerging technologies like DAC gaining momentum, and global collaboration on the rise, CCS is set to play a central role in the world’s journey toward net-zero emissions.
As we move forward, it is clear that CCS will continue to be a critical component of the global climate strategy. The challenges of scaling this technology remain, but with ongoing advancements and the growing commitment from both the public and private sectors, the future of CCS looks bright.
For more details, you can download the full report here.
