The global investment in CO2 capture and storage has hit $6.4 billion in 2022, according to Fatih Yilmaz, a Research Fellow in the Climate and Sustainability Program at the King Abdullah Petroleum Studies and Research Center (KAPSARC).
Yilmaz spoke at a panel discussion on CO2 management technologies with the International Energy Forum (IEF) and the Clean Energy Forum in Saudi Arabia’s capital Riyadh. He said that carbon capture, storage and utilization (CCUS) projects averaged investment from $2 billion to $3 billion per year until 2022. This means last year saw a jump in the rate of investment in the sector.
The industry needs to achieve a capture and storage capacity of 8 million tons of CO2 by mid-century, he also said. Experts that took part in the panel said CCUS technology needs a new approach to attracting investments.
“We cannot achieve net zero without carbon capture, and we need to scale up carbon capture and storage over the coming years to deliver it,” said KAPSARC President Fahad Alajlan.
Relevant: Saudi Arabia Announces New Carbon Capture Center
“We need to make 2023 the year of CCUS, and enhance collaboration to improve the investment in and usage of this technology,” said IEF Secretary General Joseph McMonigle.
The roundtable featured industry, government, and academic experts who discussed ways to accelerate CCUS investment, de-risking large-scale investments through clear and coherent policies, and the need to invest in green hydrogen.
KAPSARC, which is a research and consulting center, has published over 700 research papers on topics such as climate change policy and governance and energy and diversification of the economy.
Read more: China & Saudi Arabia Partner On Hydrogen And Carbon Capture Technology
