The Global CCS Institute think tank has reported that the pipeline for projects to capture and store carbon emissions has increased by about 44% over the last twelve months to 244 million tonnes annually.
Technology for carbon capture and storage (CCS) has been utilized for years, frequently to increase oil well production rates, but rising carbon pricing in places like Europe has raised hopes that it may someday become a stand-alone business case.
A net carbon-zero economy by 2050, according to some experts, requires the use of CCS technology, which normally functions as a filter on industrial smokestacks and stores the carbon underground. The International Energy Agency’s net zero scenarios would require 7.6 billion tonnes of CCS capacity globally by 2050.
The Global CCS Institute reported in its annual report that out of 196 projects, 30 are already operational, 11 are under construction, and 153 are in the planning stages. According to the report, public policy choices like tax advantages are advancing projects, particularly in Europe and North America.
