The 2024 Global Status of CCS report, published by the Global CCS Institute, reveals a remarkable increase in momentum for carbon capture and storage (CCS) projects worldwide.
As governments and industries unite to combat climate change, CCS is emerging as a crucial tool for reducing greenhouse gas emissions and achieving net-zero goals.
The report highlights a significant expansion in CCS projects at all stages of development.
The global capacity for capturing carbon dioxide is poised to double to over 100 million metric tons per year once currently under-construction facilities become operational.
This surge in CCS activity demonstrates a growing commitment to addressing the climate crisis.
The 2024 Global Status of CCS report also highlights the significant progress in the field of policy around the world.
Carbon capture legislation is already being developed in various parts of the world, including Brazil and China, and we have seen a massive surge of funding in the nascent technology.
Relevant: UK Could Start Burying CO2 From Other Countries
Most recently, the UK government announced a £22 billion (~$28.5 billion) investment in carbon management solutions, while the US continues to support CCUS and carbon removal projects via the Inflation Reduction Act.
Several European countries have taken significant steps to implement industrial carbon management strategies and roadmaps for carbon capture and storage (CCS) deployment.
Austria, Denmark, France, Germany, Norway, Poland, Sweden, Switzerland, and the UK have all introduced or announced plans to reduce greenhouse gas emissions through CCS. Denmark and Sweden have gone further by committing to financial support for reducing biogenic CO₂ emissions.
Additionally, Denmark has issued its first onshore CO2 storage exploration license, marking a crucial milestone in its efforts to develop CCS infrastructure.
Countries in the Middle East and Africa are also including CCS in their decarbonization strategies.
Relevant: Brazil Implements Landmark Law For CCS Regulation
Globally, collaboration between governments and the private sector is playing a pivotal role in advancing carbon capture and storage (CCS) initiatives, the report says. Since 2020, over 50 memoranda of understanding (MOUs) or agreements have been signed between governments, incorporating CCS into their scope.
Multilateral government initiatives, such as the Clean Energy Ministerial, Mission Innovation, and the Carbon Management Challenge, are further driving ambition, facilitating knowledge sharing, and supporting the development of CCS technologies.
Private sector collaboration and public-private partnerships are also instrumental in driving CCS progress. These partnerships bring together the expertise and resources of governments and businesses to accelerate the deployment of CCS solutions.
