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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Cometh the hour for carbon capture?
17/5/2023
6 min read
Is the CCS/CCUS sector finally about to gather some momentum around the world? Nick Cottam looks at new funding from the US and UK governments and elsewhere, and suggests that there is some acceleration, although from small beginnings.
Powering the world’s global economy and staying on the road to net zero requires abundant carbon capture. This has been evident for some years and at last, it seems, governments are turning words into investment action.
In the US, the Administration’s Inflation Reduction Act (IRA) is arguably a game changer for carbon capture and storage (CCS) or its utilitarian cousin carbon capture, use and storage (CCUS). The IRA is designed to extend the deployment of carbon capture through a combination of tax credits and other forms of project support, the result being that the US is set not only to steal a march on its neighbours in the Americas, but also other countries in Europe and elsewhere.
‘The IRA has definitely increased interest in CCS in America,’ says Jessica Oglesby of the Melbourne-based Global CCS Institute. ‘We haven’t seen the funding yet from the 45Q tax credit, but the commitment is there.’