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The number of carbon capture and storage projects in development grew to record levels this year on the back of rising carbon prices and government incentives, but would still only mitigate less than 1 percent of annual emissions, a new report finds.
There are now 153 CCS projects in the planning phase, 61 more than this time last year and more than at any time in history, the Melbourne-based Global CCS Institute found in its annual survey of the sector, released today. They would add to the 30 projects currently operating and a further 11 under construction.
The US leads the way with 34 new proposed CCS projects, followed by Canada, the UK, Norway, Australia, the Netherlands and Iceland. Favourable policies stimulated investment in these countries, including higher carbon prices, tax credits and direct grants, the report found.
Despite the jump in new capacity, all existing and proposed projects would be able to store just 244 million tons of CO₂ a year, less than 1 percent of the 36 billion tons of carbon dioxide the International Energy Agency estimates was added to the atmosphere last year.
Carbon capture and storage technology, which captures carbon dioxide from a range of sources and stores it underground, usually in depleted oil or gas reservoirs, has proved a controversial technology. Supporters say it has a vital role in the push to keep global warming to within the Paris Agreement’s stated target of 1,5 degrees celsius, with around 1,3 billion tonnes of storage capacity needed by 2030 to meet that target, according to the IEA. — Bloomberg
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