As of 2024, it has become increasingly clear that reducing greenhouse gas emissions alone is not enough to achieve net-zero targets by 2050. To bridge this gap, carbon capture and storage (CCS) is emerging as an essential solution for mitigating climate change.
Although CCS deployment has yet to reach its full potential, the surge in advanced carbon capture projects in 2024 marks a turning point, reinforcing its role in global climate strategies.
CCS project capacity growth since 2023:
Since 2023, CCS capacity has expanded rapidly. By July 2024, capture capacity in development had risen by 15%, adding approximately 55 million tons of CO₂. Globally, 50 facilities were operational, with another 44 under construction.
The total number of CCS projects reached 628, a 60% increase from 2023. Moreover, the capacity of projects under construction grew by 57%, reflecting strong industry commitment.
Why are carbon capture projects important?
Here are some of the key reasons that make carbon capture projects essential:
- Reduces atmospheric CO₂: Carbon capture projects help lower carbon dioxide levels by trapping emissions before release. This process keeps excess carbon out of the air, minimizing climate impact.
- Supports industrial transition: These projects allow industrial plants to reduce carbon emissions without complete structural changes. This approach maintains industrial facility operations while adapting to cleaner practices.
- Helps to achieve climate targets: Carbon capture is essential for reaching net-zero emissions, as outlined in international agreements. It plays a key role in limiting global temperature increases and protecting the environment.
- Creates jobs: The development of carbon capture projects promotes new innovations in the low-carbon sector. This growth opens doors for job creation and strengthens the green economy.
- Enables clean hydrogen production: Captured carbon allows for the creation of low-carbon hydrogen, a critical energy resource. This clean hydrogen aids in reducing emissions across sectors like transport and heating.
Global initiatives in carbon capture:
Nations worldwide are facilitating the implementation of CCS projects to meet ambitious emissions reduction targets. The global CCS landscape is evolving with positive regional initiatives to support decarbonization.
North America: Strong regulatory and financial backing
North America continues to lead in CCS adoption. The United States federal government allocated over $2.2 billion for CCS projects, with a record 231 CO₂ injection well permits filed across 18 states. Louisiana has taken a pioneering role, developing specific CO₂ storage regulations to give states more control.
Canada, for its part, has increased its carbon price to CA$80/ton and introduced carbon contracts for difference (CCfD) through the Canada Growth Fund. The aim is to provide stable pricing to boost investor confidence in CCS projects.
Europe: Coordinated policies and cross-border collaboration
Europe’s 2024 CCS approach centers on expanding storage capacity and promoting cross-border CO₂ transport. The European Union’s Net-Zero Industry Act mandates an ambitious 50 Mtpa CO₂ storage target by 2030. Cross-border CO₂ pipelines connecting Belgium, France, and Denmark are in development, creating a unified European CCS network.
The UK is investing £21.7 billion ($28.04 billion) into CCS clusters in Teesside and Merseyside. Germany and France are revising regulations to support offshore and domestic storage.
Middle East and Africa: Large-scale national targets
The UAE plans to capture 10 Mtpa by 2030, and Saudi Arabia’s goal is 14 Mtpa by 2035, contributing to a broader national target of 44 Mtpa. Oman has also introduced a work program to develop a CCS regulatory framework, positioning itself as a growing player in the low-carbon market.
Asia: China is leading CCS with policy support and major projects
Financial support is provided to key decarbonization projects through the Implementation Plan for Green and Low-Carbon Technology Demonstration, launched by the Chinese government. Among these, six CCS projects are set to capture 1.5 million tons of CO₂ annually. China National Petroleum Corporation began building a CCS project in Xinjiang that will capture 2 million tons per year, with the first phase expected to be ready by 2026.
Asia-Pacific: Rapid policy shifts and technological integration
Asian countries are integrating CCS into their energy policies with supportive legislation. Japan enacted the CCUS Business Act in 2024, aiming to simplify permitting and incentivize carbon capture and storage projects as a core part of its energy strategy.
Australia’s private sector is advancing CCS through projects like the Cygnus CCS Hub in Western Australia. This project will serve as a multi-user carbon capture facility, supporting the reduction of emissions from multiple industrial sources.
Exploring the top 10 carbon capture projects of 2024:
Here, we examine the top carbon capture projects of 2024, showcasing the latest advancements in carbon capture technology to address climate change.
Location: Wyoming, US
Storage Destination: On-site
Location: Massachusetts, US
Storage Destination: Not specified
Location: Hellisheidi, Iceland
Storage Destination: On-site
Location: Merseyside, UK
Storage Destination: Not specified
Location: Ghent, Belgium
Storage Destination: Not specified
Location: Casalborsetti, Italy
Storage Destination: Pianura Padana Area
Location: Vestland, Norway
Storage Destination: Mongstad Industrial Park
Location: Kemi, Finland
Storage Destination: Not specified
Location: Broceni, Latvia
Storage Destination: North Sea (potentially)
Location: Singapore
Storage Destination: Not specified
Kemi Bioproduct Mill CO₂ Capture Project
Located in Finland, this project by Metsä Group and ANDRITZ aims to capture 4.2 million tons of carbon dioxide annually. Using amine-based technology, the CO₂ will be converted into renewable fuels or raw materials. A pilot will start in 2025 to test the process.
S-Hub Consortium CCS Project
In Singapore, ExxonMobil, Shell, and the government are working together to capture 2.5 million tons of CO₂ annually. This project will use underground and seabed storage to reduce emissions in urban areas.
Orchard One Large-Scale DACCS Facility
Based in Wyoming, Orchard One Large-Scale DACCS Facility by Spiritus will capture 2 million tons of CO₂ annually from the air and store it in rock formations. Supported by partners, this carbon capture storage project aims to offer carbon credits for businesses.
Mongstad Industrial Transformation Project
At Norway’s largest refinery, Equinor and Aker Solutions will produce blue hydrogen and capture 1.7 million tons of CO₂. The Mongstad Industrial Transformation Project also plans to convert waste into aviation fuel, cutting emissions by 70%.
SCHWENK Latvija and Capsol CCS Project
Located in Latvia, the SCHWENK Latvija and Capsol CCS Project will capture 750,000 tons of CO₂ annually from a cement plant. The CO₂ may be stored in the North Sea, helping reduce Europe’s industrial emissions.
The Ravenna CCS Project
Italy’s first major CCS project, The Ravenna CCS Project, led by Eni and Snam, captures CO₂ from a gas facility. Starting with 25,000 tons annually, it aims to expand to 4 million tons by 2030.
Mammoth Direct Air Capture and Storage Facility
In Iceland, Climeworks’ Mammoth Direct Air Capture and Storage Facility captures 36,000 tons of CO₂ from the air each year, powered by renewable energy. The CO₂ is stored underground, making Iceland a leader in long-term carbon storage.
H1 and H2 CCS Project, Holyoke, Massachusetts
This H1 and H2 CCS Project in Massachusetts, led by ESG Clean Energy, captures up to 15,000 tons of CO₂ from two gas-fired plants. Advanced technology boosts its efficiency close to 100%.
ArcelorMittal Gent Carbon Capture Pilot Project
At a steel plant in Belgium, the ArcelorMittal Gent Carbon Capture Pilot Project captures CO₂ and converts it into carbon monoxide, which is reused in steelmaking. This reduces the plant’s reliance on fossil fuels.
C-Capture Glass Industry Carbon Capture Project
In the UK, C-Capture’s technology at Pilkington’s glass facility captures 30,000 tons of CO₂ annually. This project, supported by Innovate UK, addresses the glass industry’s emissions challenges.
Looking into the future:
The future of CCS is filled with promise. As CCS technologies mature, each new project brings us closer to making CCS a key strategy for meeting global climate goals. By building on lessons learned from other successful environmental technologies, we are paving the way for CCS to become a powerful tool in reducing emissions.
