The Asian network for carbon capture utilization and storage CCUS was launched on June 22nd – the first international platform for the industry, academia and government to facilitate the development of the CCUS technology in Asia.
The start was announced by Prof. Hidetoshi Nishimura, President of the Economic Research Institute for Association of Southeast Asian Nations (ASEAN) and Mr Hiroshi Kajiyama, Minister of Economy, Trade and Industry of Japan.
The Asia CCUS Network will aim to share knowledge and improvements on the business development of carbon capture utilization and storage CCUS across the region. So far, 13 countries (all ASEAN member countries and the United States, Australia, and Japan) and more than 100 companies, research institutions, and international organizations have claimed they want to participate in the network.
Purpose Of The Carbon Capture Utilization And Storage Network In Asia
As per Prof Hidetoshi Nishimura the mission of the network comprises:
- promoting knowledge sharing through holding an annual forum, conferences, workshops, and meetings;
- conducting research studies on technical, economical, and legal standards of CCUS in the EAS region;
- holding capacity-building training workshops to bridge the knowledge gap on CCUS.
According to a special report recently released by the IEA, CCUS will be of critical importance in regions like Southeast Asia where fossil fuel use demand is expected to remain high. It also estimates that almost half of the global GHGs reduction will need to come from technologies like CCUS to achieve global carbon neutrality.
The CCUS sector in the Asian region is expected to capture 35 million tons of CO2 by 2030 and will need to capture 200 million tons by 2050. To achieve that, a carbon capture investment of $1 billion per year is required.
It is possible for the CCUS technology to reach commercial viability but support from governments and the involvement of all stakeholders is necessary. Support from policymakers would also open the door for investment from private companies around the world.
The launch was attended by ministers from the US, Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Philippines, Singapore, Thailand, Australia, expressing their gratitude to the leadership of Ministry of Economy, Trade and Industry (METI) and ERIA for setting up the Asia CCUS Network Forum.
The Asian CCUS Network addresses the need for countries to collaborate on climate change policy. Creating a favorable environment for solutions like CCUS would help bring the costs down and allow for widespread deployment – steps that are critical to achieving carbon neutrality.