The Global Status of CCS 2023 report highlights the importance of carbon capture and storage (CCS) in mitigating climate change. To limit global warming to below 1.5°C, it is necessary to reduce emissions and reach net zero by mid-century. CCS is a vital technology in achieving this goal, as it captures carbon dioxide from point sources or the air and permanently stores it. The report also notes that it is practically impossible to achieve net-zero emissions targets without CCS alongside other climate mitigation technologies.
CCS has economic and social benefits, as it helps deep decarbonize industries such as cement, steel, fertilizers, and chemicals. It also enables the production of clean hydrogen and negative emissions through direct air capture and storage or biomass carbon removal and storage. Additionally, CCS can provide low-carbon dispatchable power.
The report states that there are currently 32 million metric tons of CO2 in construction and 280 million metric tons in development, with a total project pipeline capacity of 361 million metric tons of CO2. There are 49 million metric tons of CO2 capture capacity in operation, and 198 new CCS facilities have been added to the project pipeline since 2022.
