DNV has published a report forecasting that carbon capture and storage (CCS) capacity is expected to quadruple by 2030, with sharp increase project pipeline capacity indicating that CCS is at a turning
DNV has published a report forecasting that carbon capture and storage (CCS) capacity is expected to quadruple by 2030, with sharp increase project pipeline capacity indicating that CCS is at a turning point.
The immediate rise in capacity is being driven by short-term scale up in North America and Europe, with natural gas processing still the main application for the technology, according to DNV's CCS outlook report.
In the longer term, CCS is crucial for addressing sectors that are challenging to decarbonize, such as steel and cement production.
These hard-to-decarbonize industries are forecast to be the main driver of growth from 2030 onwards, accounting for 41% of annual CO2 captured by mid-century. Maritime onboard capture is expected to scale from the 2040s in parts of the global shipping fleet.
As the technologies mature and scale, the average costs will drop by an average of 40% by 2050, DNV said in the report.
“Carbon capture and storage technologies are a necessity for ensuring that CO2 emitted by fossil-fuel combustion is stopped from reaching the atmosphere and for keeping the goals of the Paris Agreement alive. DNV’s first Energy Transition Outlook: CCS to 2050 report clearly shows that we
Content Original Link:
" target="_blank">
