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CCS could tap 62% of world’s CO2 emissions
According to the latest Energy Transition Report from Rystad Energy, carbon capture and storage (CCS) could address 62% (or 25 Gt, gigatonnes) of global CO2 emissions, although net-negative technologies such as direct air capture (DAC) and bio-energy CCS (BECCS) will be needed given that traditional CCS has a capture rate of up to approximately 90%. However, it is unlikely that CCS will ever reach this level, says the market analyst.
When it comes to total greenhouse gas (GHG) emissions, CCS in all its forms could theoretically address up to 48% of the world’s total, says the report.
The current portfolio of operational CCS projects captures roughly 40mn t/y of carbon emissions, according to Rystad Energy; this rises to 110mn t/y if projects that are to come online by the end of 2026 are included.
These numbers compare to the IEA’s Sustainable Development Scenario (SDS), with 5.6 Gt captured in 2050, representing a 50-fold increase from the current pipeline. To capture the total addressable market would require an additional four-fold increase above the IEA SDS scenario, states the market analyst.
‘Where we end up will rely heavily on the development in carbon prices, which today are far below the levels needed to support most applications of CCS. The exceptions are perhaps in some European countries and some states in the US, which utilise a combination of emissions trading systems (ETS), carbon tax, carbon credits, or more direct subsidy schemes,’ comments Marius Foss, Senior Vice President and Head of Global Energy Systems at Rystad Energy.