Expansion of Carbon Capture and Storage by a Factor of Four by 2030: Could This Mark a Pivotal Moment for Climate Change Mitigation?
In an effort to combat climate change, Carbon Capture and Storage (CCS) technology is gaining traction across various industries, including shipping, natural gas power plants, and waste-to-energy projects. This technological advancement is spearheaded by a diverse coalition of global leaders, including multinational corporations, governments, research institutions, and collaborative alliances.
Notable among these leaders is Carbon Clean, which recently launched one of the world’s largest dedicated carbon capture research facilities - the Global Innovation Centre (GIC) in Navi Mumbai, India. The GIC houses two carbon capture plants and extensive laboratories, staffed by a growing expert workforce, and serves as a major hub for advancing next-generation carbon capture technologies.
Other prominent players include governments and corporations such as the United States, United Kingdom, China, Japan, Australia, Shell, ExxonMobil, Toshiba, and JBIC, who are part of the Global CCS Institute, an international think tank dedicated to accelerating CCS deployment.
China Petroleum & Chemical Corporation (Sinopec) has taken a leading role in fostering international cooperation through the International CCUS Technology Innovation & Cooperation Organization (ICTO) in Beijing. ICTO unites 50 global leaders from enterprises, associations, and research institutions to drive CCUS innovation and establish a global collaboration platform.
CO2CRC in Australia, a premier research organization focused on carbon management, runs the Otway International Test Centre, which has been a cornerstone for CCS research for over two decades. It plays a key role in advancing CCS science, aligning closely with national decarbonization policies, and helping build robust domestic capabilities.
Despite the technological advances and increased global attention, several key challenges hamper widespread CCS adoption. High costs and economic viability, scalability and infrastructure, regulatory and policy uncertainty, public acceptance and awareness, and technological innovation needs are the main obstacles that need to be addressed.
Efforts by international alliances like ICTO and multi-national institutes aim to tackle these obstacles through collaboration, innovation acceleration, and policy advocacy to make CCS a core solution for global net-zero ambitions. The U.S. carbon capture, utilization, and storage (CCUS) sector could present a $196 billion investment opportunity over the next decade, particularly within the oil, gas, chemical, and power industries.
The United Kingdom has pledged £22 billion toward CCS, and Canada is offering up to C$83 billion in clean-tech funding, including for carbon removal technologies. The 45Q tax credit in the United States provides up to $85 per tonne of CO2 captured, with higher rates for direct air capture, making CCS more affordable for companies.
Despite the challenges, the global leaders in CCS development are making significant strides towards a more sustainable future. Today, around 50 million tonnes of CO2 are captured each year through CCS, but this number is expected to rise to 430 million tonnes by 2030, with storage capacity potentially reaching 670 million tonnes. However, CCS will likely capture only about 6% of the emissions needed to reach net-zero by 2050, requiring possibly 100 times more projects by mid-century.
In conclusion, the global leaders in CCS development are a coalition of cutting-edge companies, research centers, and governments like Carbon Clean (India/UK), Sinopec-led ICTO (China), Global CCS Institute members (US, UK, China, Japan, Australia, Shell, ExxonMobil), and CO2CRC (Australia). However, challenges related to cost, scale, regulatory environments, social acceptance, and technological advancement continue to slow the pace at which CCS is widely adopted worldwide.
- The Global Innovation Centre (GIC) by Carbon Clean in Navi Mumbai, India, houses two carbon capture plants and extensive laboratories, with the aim of advancing next-generation carbon capture technologies.
- The Global CCS Institute, an international think tank, consists of governments and corporations such as the United States, United Kingdom, China, Japan, Australia, Shell, ExxonMobil, Toshiba, and JBIC, working together to accelerate Carbon Capture and Storage (CCS) deployment.
- China Petroleum & Chemical Corporation (Sinopec) is driving international cooperation through the International CCUS Technology Innovation & Cooperation Organization (ICTO) to foster CCUS innovation and establish a global collaboration platform.
- CO2CRC in Australia, a research organization focused on carbon management, plays a key role in advancing CCS science, aligning with national decarbonization policies, and helping build robust domestic capabilities.
- Technology, health-and-wellness, environmental-science, and biomass are critical areas for innovation to overcome challenges such as high costs, scalability, regulatory uncertainty, public acceptance, and technological innovation needs, enabling widespread CCS adoption.
