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Carbon Capture and Storage: A Vital Climate Change Solution

Carbon Capture and Storage (CCS) refers to the process of capturing waste carbon dioxide (CO2) from large point sources, such as fossil fuel power plants, transporting it to a storage site, and injecting it deep underground for long-term isolation from the atmosphere. CCS plays an important role in mitigating climate change by reducing CO2 emissions from industrial activities that involve burning fossil fuels. In this article, we will discuss the CCS process in detail, current CCS projects globally and the market outlook for this emerging sector.
The Carbon Capture and Storage Process
Capturing CO2 is the first critical step in the Carbon Capture and Storage process. There are three main technologies available for CO2 capture: post-combustion, pre-combustion and oxy-fuel combustion. Post-combustion capture involves separating CO2 from flue gases after combustion of fossil fuels. Pre-combustion capture separates and captures CO2 before combustion of fossil fuels. Oxy-fuel combustion uses oxygen, instead of air, for combustion, resulting in a concentrated CO2 stream that can be easily captured.
Once captured, the CO2 is compressed to transform it into a dense supercritical fluid for efficient pipeline transport. Pipeline is the preferred method to transport huge volumes of captured CO2 over long distances. Alternatives like trucks and ships are also used depending on the distance and infrastructure availability.
The stored CO2 is then injected into deep underground geological formations for long-term safe storage. Suitable storage sites include depleted oil and gas reservoirs, deep saline formations, and unmineable coal seams. CO2 remains safely trapped in these porous and permeable rock formations under layers of impermeable caprock formations located thousands of feet below the earth’s surface. Trapped CO2 is monitored to ensure it does not escape into the atmosphere.
Current CCS Projects Globally
According to Coherent Market Insights, the carbon capture and storage market is exhibiting the rising adoption of Carbon Capture and Storage projects
Major CCS projects currently underway globally showcase the commercial viability of the technology at scale. The Gorgon Project in Australia is the world’s largest CCS project capturing around 4 million tons of CO2 annually from a natural gas project. In the US, the Petra Nova Project captured 1.6 million tons of CO2 from a coal power plant in 2020. The ROAD Project in Canada is capturing and storing 1 million tons of CO2 annually from an oil sands facility.
Europe is also active in deploying Carbon Capture and Storage with projects like Northern Lights in Norway for transport and storage of captured CO2. Several coal power plant CCS retrofit projects are proposed across Asia, including demonstrations in China and pilot projects in India. Developing dedicated CO2 transport infrastructure like pipelines will be key to unlock future CCS potential across industries.
Government Support Critical for Growth
Government policies like carbon pricing, investments and regulations have played a big role in driving Carbon Capture and Storage projects globally. The 45Q US tax credit provides $50 per ton of CO2 stored via enhanced oil recovery. The European Union Emissions Trading System has also incentivized low-carbon technologies.
However, to meet climate goals, steady policy support and larger investments are required to bring down costs and encourage widespread adoption of CCS. Targeting industrial hubs and building CCS clusters with shared infrastructure can help reduce costs. Cross-sector/country cooperation will also be important given the geographic challenges in developing large-scale CCS projects. With enabling policies and technology improvements, CCS deployment has great potential in reducing carbon footprint across industries in the coming decades.
Market Outlook
The global carbon capture and storage market size is witnessing steady growth driven by supportive policies and focus on mitigating climate change risks. For more details on the various technologies, ongoing projects and market forecasts by region, refer to the detailed market research report on Carbon Capture and Storage published by Coherent Market Insights. While certain regions like North America and Europe currently dominate the market, rapid deployment of CCS across major developing economies is expected to drive global market growth over the long term. Continuous progress in enhancing technical and economic viability of CCS remains crucial for the widespread adoption of this important climate mitigation pathway. Various factors like carbon pricing, infrastructure development and international collaborations will determine carbon capture and storage market leadership going forward.
In summary, CCS is a key bridging technology that can significantly contribute to global deep decarbonization efforts while continuing to utilize fossil fuel resources. With suitable policies, financing mechanisms and technology innovations, CCS can play a bigger role in tackling greenhouse gas emissions from industrial activities at scale. Adoption across multiple sectors will see new revenue streams emerge from opportunities like enhanced oil recovery and utilization of captured CO2. Ongoing large-scale CCS projects globally provide valuable insights and demonstrate its technical and economic viability. Steady progress in deploying CCS can help achieve climate goals cost-effectively over the long run.