In recent years, a clear consensus has emerged regarding the urgent need to reduce greenhouse gas emissions swiftly. This collective commitment to addressing climate change places a strong emphasis on directing resources toward cutting-edge technologies, such as carbon capture and storage (CCS). The overarching goal is to pave the way for a world where net-zero emissions become a reality by 2050.
CCS Project Capacity Growth since 2022:
As of September 2022, the total capacity of CCS projects in development had increased by 44 % compared to 2021, reaching 244 million tonnes per annum (Mtpa) of carbon dioxide (CO2). This substantial growth is primarily driven by the private sector’s rapid response to societal expectations and the evolving government policies that strongly support CCS investment.
Global Endeavors in Carbon Capture:
Following the global consensus on the importance of reducing greenhouse gas emissions, nations worldwide have turned their focus to innovative solutions like carbon capture and storage (CCS). This technology not only promises a reduction in carbon emissions but also aligns with the global objective of achieving net-zero emissions by 2050.
From North America’s proactive initiatives to Europe’s robust strategies and Asia’s dynamic approach, the global CCS landscape is evolving rapidly.
North America’s leadership in CCS advancements:
North America has been at the forefront of bolstering CCS initiatives. In the United States, the Infrastructure Investment and Jobs Act has allocated over US$12 billion for CCS and related activities, underscoring the nation’s commitment to advancing this technology. Meanwhile, Canada has established a C$2.6 billion (US$ 1.9 billion) tax credit for CCS projects, marking a substantial stride in reducing carbon emissions.
European commitment to CCS:
Across Europe, nations have recognized the pivotal role of CCS in their comprehensive climate strategies. The United Kingdom, in its 2023 budget, announced a GBP 20 billion (US$ 25 billion) commitment to early CCUS (carbon capture, utilization, and storage) deployment. Denmark is actively supporting CCS projects with €5 billion (US$~5.37 billion) in subsidies, and Norway is dedicated to large blue hydrogen* projects with NOK 1 billion (US$ 93.5 million) in funding.
The European Union’s Innovation Fund has also selected several CCS projects for grant preparation in 2023, highlighting the region’s unwavering dedication to CCS innovation. In 2012, Germany restricted CCS technology with state veto power. Now, the government is reconsidering it due to concerns about missing its 2045 net-zero emissions goal and a shift in attitude amid climate urgency.
Asia’s embrace of carbon capture:
In Asia, countries like Japan have included CCS as a prominent component of their strategies to achieve net-zero emissions by 2050, as seen in Japan’s Sixth Strategic Energy Plan. Additionally, China has issued multiple national policies and guidelines to encourage the development of CCS. Meanwhile, countries such as Indonesia, Malaysia, and Thailand are taking legislative steps to facilitate the geological storage of carbon dioxide, acknowledging the crucial role of CCS in mitigating climate change.
Companies in Southeast Asia are exploring carbon capture and storage (CCS) services. Shell plans to store 5-15 million tons/year in Singapore, while BP targets 3 million tons/year in Indonesia, and Petronas envisions CCS as a new revenue stream in Malaysia, boasting 46 trillion cubic feet of CO2 storage capacity in depleted reservoirs.
Spotlight on top carbon capture projects of 2023:
With this global commitment to CCS, it’s time to shift our focus to real-world solutions on the ground. We’ve compiled a list of the top 10 carbon capture projects of 2023. These projects represent the forefront of carbon capture technology, embodying the spirit of innovation and sustainability needed to combat climate change effectively.
Access the detailed report here that profiles each of these projects in terms of size, partners, efficiency, types of technology and its suppliers, the company’s industry, and the final destination of the captured carbon.
- The Go4Zero Project aims to become the first carbon-neutral cement plant in Belgium.
- The Wabash CO2 Sequestration Project aims to capture and store carbon dioxide (CO2) emissions from an ammonia production facility in West Terre Haute, Indiana, U.S.
- The Oil Sands CCUS Pathways to Net Zero (ALB) (14 facilities). An initiative by six of Canada’s largest oil sands producers to reduce greenhouse gas emissions from their operations by about 22 million TPA by 2030 in Alberta, Canada.
- The CalCC Lhoist Air Liquide Lime Plant Rety Project seeks the decarbonization of Lhoist’s lime production plant in Réty, France. Lime is one of the “hard-to-abate” industries as its production primarily generates CO2 from the decomposition of limestone.
- Project Anthemis, Belgium.
- The Rocky Mountain Carbon Project, The Rocky Mountain Carbon Project in Alberta, Canada, is the world’s largest BECCS (Bioenergy with Carbon Capture and Storage) initiative, capturing biogenic CO2 emissions from a forest-based renewable materials facility.
- The Calpine Baytown Energy Center (TX) carbon capture project, Texas, U.S
- Rohm chemical plant Decarbonization Project, Germany.
- South Texas Direct Air Capture Hub (DAC 1) is set to become the world’s largest direct air capture (DAC) facility in Texas Permian Basin, U.S. Updated since inception in 2019.
- Removr large-scale plant DCA Project, Iceland. The first operational DAC plant relying on zeolites was commissioned in 2022 in Norway, with plans to scale the technology up to 2,000 TPA CO2 by 2025 through the project Removr.
