From power generation to steel, cement and chemical production projects, carbon capture and storage (CCS) is gaining interest to reduce carbon emissions. Spencer Schecht, Senior Business Development Lead for the Global CCS Institute summarized the extent of demand for carbon capture and storage during a presentation at PowerGen International 2024:
He said growth has continued at 35% per year since 2017. Almost 400 CCS facilities are in various stages of development and 43 are in operation around the world. Their combined capacity amount to 49 million tons per annum (Mtpa).
“We need 1 gigaton per annum (Gtpa) by 2030,” said Schecht.
32 Mtpa of that is already in construction. Another 280 Mtpa of CCS are in an advanced stage of project development.
In tandem with the scaling up of the technology, the market for CCS is transitioning from primarily being for enhanced oil recovery (EOR) to being used in dedicated geological storage sites. Pipeline remains the dominant form of carbon dioxide transportation, though ships and barges are now moving more liquefied CO2.
The U.S. CCS sector is benefitting from more than $12 billion of carbon management funding and tax credits provided by the Inflation Reduction Act (IRA). There are now 23 coal and gas plants in the country developing CCS facilities.
For more event coverage, please see the following articles:
PowerGen International 2024 Focuses on Decarbonization
Unlocking Hydrogen’s Power Potential
Is Ammonia a Better Alternative Fuel Than Hydrogen?
