Carbon Capture and Storage (CCS) is now recognized as a pivotal tool in combating climate change. 2024 has been a whirlwind year for the technology, with significant advancements, growing investments, and crucial discussions about its role in the future. Here's a roundup of the top 7 CCS news stories so far, with a deeper dive into each:
Energy giants like Chevron and ExxonMobil are pouring money into building large-scale CCS hubs on the US Gulf Coast, signaling a major shift in their stance on the technology. Previously hesitant to embrace CCS, these investments signal their belief in its commercial viability. This could have a ripple effect, encouraging wider adoption across the oil and gas industry [CNBC]. Analysts believe this trend is driven by a combination of factors, including increasing pressure from regulators and investors to address climate change, as well as the potential for CCS to enhance oil recovery in aging fields.
While CCS focuses on capturing emissions directly at the source, such as power plants or factories, Direct Air Capture (DAC) targets removing existing CO2 from the atmosphere. Companies like Baker Hughes are making significant strides in DAC technology. Baker Hughes recently announced a new DAC plant design that promises to capture CO2 at a lower cost than previous models. This could be a game-changer for the technology, making it more feasible for large-scale deployment [CNBC]. Experts believe DAC has the potential to be a valuable tool for removing historical emissions and achieving negative emissions, which is essential in striving to ensure that global warming stays comfortably below the 2 degrees Celsius mark.
The focal point of the debate lies in distinguishing CCS from DAC. CCS aims to stop upcoming emissions by capturing them where they originate and storing them underground. DAC, on the other hand, actively removes existing CO2 from the atmosphere. Both are crucial for mitigating climate change, but understanding their strengths is essential for effective implementation. CCS offers a more established technology with existing infrastructure, while DAC tackles the challenge of removing existing emissions. The ideal approach likely involves a combination of both strategies [Phys.org].
A coalition of energy firms led by BP and TotalEnergies committed a hefty £4 billion to equip a gas power plant in the UK with CCS technology. This is a significant investment that could pave the way for wider CCS adoption in the power sector. The project, known as the Acorn CCS project, is expected to capture and reserve up to 8 million tonnes of CO2 every year, mirroring the carbon output of a modest city. [Phys.org]. This investment demonstrates the growing confidence in CCS technology and its potential to decarbonize the power sector, a crucial step in achieving net-zero emissions.
The International Energy Agency (IEA) published a report in early 2024 highlighting the need for a rapid expansion of CCS projects. Reaching net-zero emissions by 2050 requires capturing over 1 Gt of CO2 annually, far exceeding current capacities. The IEA's report outlines a roadmap for achieving this target, including scaling up investment, streamlining permitting processes, and developing new business models for CCS projects [IEA]. This report underscores the urgency of CCS deployment and the critical role it will play in achieving ambitious climate goals.
While capturing CO2 is a key hurdle, advancements are happening in storage solutions as well. Icelandic firm Carbfix is a leader in CO2 mineralization, a process that permanently transforms captured CO2 into stable rock formations. Carbfix injects captured CO2 into basaltic rock formations, where it naturally reacts with minerals to form stable carbonates. This process offers a safe and long-term storage solution for captured CO2 [Mirror Review Blog]. Research is also ongoing on other storage solutions, such as storing CO2 in depleted oil and gas reservoirs. These advancements are crucial for ensuring the safe and permanent storage of captured CO2.
Traditional CCS installations can be expensive and time-consuming to build, hindering their adoption for existing industrial facilities. New trends towards modularized capture systems offer a plug-and-play approach. These modular units are factory-built and can be transported to existing facilities for easier installation. This can significantly reduce the cost and time required for retrofits, making CCS a more viable option for a wider range of industries [IEA]. The development of standardized modular components could further accelerate the deployment of CCS technology.
These developments paint a promising picture for CCS in 2024. With growing investment, technological advancements, and a clearer understanding of its role in the fight against climate change, CCS is poised for a significant breakthrough. Challenges remain, such as ensuring large-scale implementation, reducing costs, and achieving public acceptance. However, the momentum behind CCS is undeniable. If these hurdles can be overcome, CCS could become a game-changer in the race to achieve net-zero emissions and build a sustainable future for our planet.
Learn further about Big Oil's investments, Direct Air Capture technology, and other related topics at www.globalgreenreport.com.
