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Carbon capture and storage (CCS) technologies must form a key part of developing climate-neutral economies and delivering net-zero emissions by 2050.
That’s the suggestion from the Global CCS Institute, which has published a new report outlining the economic, social and environmental opportunities CCS could offer – it stresses a need to conceptualise the full potential and multifaceted value of CCS in order to bring these benefits to communities, industries, countries and regions around the world.
The study describes CCS as a cost-effective and versatile option able to significantly reduce carbon dioxide emissions in several hard-to-abate industrial sectors such as the cement, chemicals, and steel industries and notes widespread adoption would have the additional benefit of preserving jobs in these sectors.
It states the technology will also be crucial to decarbonising hydrogen production, as well as delivering negative emissions.
The think tank predicts deployment would lower the overall cost of the energy transition as well as reduce the risk of falling short on global climate targets by diversifying the approaches required.
It says more than 2,000 CCS-equipped facilities will be needed by mid-century, requiring at least 100,000 employees – this is a significant increase from current-day levels, as there are currently only 19 large-scale CCS facilities now in operation, capturing an estimated 40 million tonnes of carbon dioxide every year.
An additional 32 facilities are in various stages of planning and development.
Guloren Turan, General Manager of Advocacy and Communications at the Global CCS Institute, said: CCS needs to be an integral part of the solution to building resilient and climate-neutral economies and deliver net zero emissions.
Investment in the technology also drives economic growth and employment. This paper brings together recent data, insights and analysis on CCS’ full potential. We hope that it will help policymakers assess the range of opportunities advanced by investing and deploying the technology.
