World $$$ Moving To Carbon Capture

Global Carbon Capture Capacity Due to Rise Sixfold by 2030; More than $3 billion has been invested in carbon capture so far in 2022

October 18, 2022 (Bloomberg NEF)

The global capacity for carbon capture in 2030 is set to increase sixfold from today’s level, to 279 million tons of CO2 captured per year…Drastic growth in the market has led to a 44% increase in expected 2030 capacity compared to last year…Carbon capture, utilization and storage (CCUS) is a key technology needed to decarbonize hard-to-abate sectors such as petrochemicals and cement, and to provide 24/7 clean power through gas plants fitted with capture equipment…Today, most capture capacity is used to collect carbon dioxide (CO2) from natural gas processing plants and used for enhanced oil recovery…

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By 2030, most capture capacity will be used for the power sector, for the manufacture of low-carbon hydrogen and ammonia, or to abate emissions from industrial sources…The amount of CO2 being captured today is 43 million tons, or 0.1% of global emissions. If all the likely projects that have been announced come online, there would be 279 million tons of CO2 captured every year by 2030, accounting for 0.6% of today’s emissions…By 2030, [driven by legislative incentives,] storing CO2 deep underground will overtake oil recovery as the primary destination for CO2, with 66% of it going to dedicated storage sites…

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In order to be on track for net-zero and less than 2 degrees Celsius of warming by 2050, between one and two billion tons of CO2 would need to be captured in 2030, an order of magnitude higher than current plans…The Inflation Reduction Act passed in the US increased tax credits for CCUS by 70%, making a viable business case for the technology in petrochemicals, steel, cement, and in some regions, power…[The law could] supercharge project announcements in the ethanol and petrochemicals sectors, as well as in direct air capture (DAC)…” click here for more

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