After years of slow progress, technologies to capture carbon emissions and store or reuse them are gaining momentum. A trend that will need to accelerate significantly for the world to achieve its energy and climate goals. According to a new special report released by the IEA today. foto: Pexels
The report, CCUS in Clean Energy Transitions, is being launched at an IEA online event opened by Prime Minister Erna Solberg of Norway. Whose government announced a major funding commitment this week for a new carbon capture project. The project can help tackle emissions from Norway and neighbouring countries.
Carbon capture, utilisation and storage (CCUS) is the only group of technologies that contributes both to reducing emissions in key sectors directly. And to removing CO2 from the atmosphere to balance the emissions that are the hardest to prevent. A crucial part of reaching the net-zero emissions goals that a growing number of governments and companies have set for themselves.
Part of the IEA’s Energy Technology Perspectives Series, the new IEA report is the most comprehensive global study on CCUS to date. It assesses the state of play of CCUS technologies. And it maps out the evolving and expanding role CCUS need to play to put global emissions on a sustainable trajectory. It includes a detailed analysis of CO2 emissions from power and industrial facilities in China, Europe and the United States. And potential for storing them.
IEA Executive Director Fatih Birol: ‘The scale of the climate challenge means we need to act across a wide range of energy technologies. Carbon capture is critical for ensuring our transitions to clean energy are secure and sustainable.’
Plans for more than 30 commercial CCUS facilities have been announced globally in the last three years. And projects now nearing a final investment decision represent an estimated potential investment of around USD 27 billion. More than double the investment planned in 2017. This portfolio of projects is increasingly diverse and would double the amount of CO2 captured globally.
The report sets out the four main ways that CCUS technologies contribute to clean energy transitions:
- Tackling emissions from existing energy infrastructure such as power and industrial plants;
- Providing a solution for some of the most challenging emissions from heavy industries like cement and chemicals, as well as from aviation;
- Offering a cost-effective pathway for low-carbon hydrogen production in many regions;
- Removing CO2 from the atmosphere.
CCUS facilities have been operating for decades in certain industries like natural gas and fertilisers. Still they are at an early stage of development in key sectors such as cement. These are the areas where CCUS technologies are particularly important for tackling emissions because of a lack of alternatives.
‘Action from governments will be essential for establishing a sustainable and viable market for CCUS’, Birol said. ‘But industry must also embrace the opportunity. No sector will be unaffected by clean energy transitions. And for some, including heavy industry, the value of CCUS is inescapable.’