Capturing Tomorrow
Revolutionizing Climate Goals with Affordable Carbon Capture
Unveil the transformative potential of Carbon Capture, Utilization, and Storage (CCUS) as it becomes a game-changer in our global fight against climate change. With the capacity to abate nearly 300 million tons of CO2 annually by 2035, and a roadmap to expand tenfold by mid-century, CCUS stands as a cornerstone of sustainable industrial innovation.
Current CCUS capacity is poised to reach about 300 million tons per year (Mtpa) by 2035, a substantial increase from today but well below the 4,000 Mtpa required to align with a 1.5°C pathway.
Thanks to technological advancements and increased global experience, capital expenditure for CCUS is expected to drop significantly, decreasing the need for financial incentives to about $65 to $75 per ton of carbon abated - far less than earlier estimates.
An estimated total capex of $1.2 trillion is needed to reach the 4,000 Mtpa target by 2035, a manageable investment considering it would only account for 1-2% of annual government expenditure in countries with high CCUS potential.
Financial incentive is estimated to be needed per ton.
Policy and Market Actions Required
Accelerating deployment in countries with existing incentives, expanding carbon pricing and financing schemes, and creating demand for low-carbon products are crucial steps to boost CCUS deployment.
