The Global CCS Institute, a leading international think tank, has just published its annual report on carbon capture for 2023.
The report details some of the key milestones for the carbon capture and storage (CCS) industry over the past 12 months, and clearly demonstrates the sector is picking up the pace and developing more rapidly than before.
Jarad Daniels, CEO of the Global CCS Institute, also commented on the notable steps forward made by the sector in his statement:
“We have seen much progress on CCS since last year’s 2022 Global Status of CCS Report, spurred by government policies in North America and Europe set forward to catalyse all forms of climate change mitigation. Development of CCS networks is also increasing.”
Daniels also noted the increase in interest from the financial sector with more investors pouring funds into CCS and choosing to include different carbon capture initiatives in their sustainable development portfolios.
One of the main takeaways of the 2023 CCS Global Status Report is the dramatic 48% increase in carbon capture capacity of all CCS facilities, which has jumped to 361 million metric tons of CO2 per year.
Another important milestone for the sector is the addition of 198 new facilities in total, which brings the total number of fully functioning plants to 41, while 26 projects are currently under construction and 325 are in their advanced and early development stages.
The report also highlights the growing interest in the shipping of carbon dioxide as the single most prominent means of transport for certain regions.
But in addition to marking the progress made so far in the last year, the report outlines key challenges and opportunities in the sector, such as the unprecedented level of policy support from governments.