Executive Summary
Over the past two decades, Carbon Capture and Storage (CCS) has proven to be an essential tool in the fight against climate change. This report highlights the significant progress made in CCS despite fluctuating policy support, showcasing advancements in technology, policy frameworks, and global collaboration.
Key Points:
- Continued Importance of CCS: Despite challenges, CCS remains crucial for decarbonization efforts.
- Global Portfolio Expansion: The number of CCS projects has grown, marking milestones such as the first large-scale CO2 capture and dedicated storage projects.
- Technology Advancements: Progress includes improvements in capture, transport, storage, utilization, and cost reduction.
- Policy and Regulatory Frameworks: Enhanced by climate-based regulations, targeted incentives, and focused on CO2 storage operations.
- Global Collaboration: Increased cooperation on research and development, as well as regional and bilateral agreements.
- Lessons Learned: Commitment to long-term policies, early opportunities for deployment, prioritizing storage, broader role of CCS, community engagement, and necessity for more projects.
Future Directions:
- Achieving 2°C: CCS plays a pivotal role in reaching the goal of limiting global warming to well below 2°C.
- Low-Carbon World Without CCS: CCS offers a lower-cost transformation, especially in the power sector and industry.
- Meeting Paris Agreement Targets: Accelerated deployment of CCS is essential to meet the Paris Agreement's goals.
- Retrofitting and Negative Emissions: Strategies include retrofitting existing coal plants and utilizing Bioenergy with Carbon Capture and Storage (BECCS) to achieve deep emissions reductions and negative emissions.
Conclusion:
CCS has demonstrated significant potential over the last 20 years, serving as a cornerstone for decarbonization efforts. With continued investment, innovation, and supportive policies, the future looks promising for expanding CCS capabilities and applications globally.