The 2024 Global Status of CCS report, released by the Global CCS Institute, showcases a remarkable surge in carbon capture and storage (CCS) projects globally. As governments and industries come together to tackle climate change, CCS is becoming an essential tool for reducing greenhouse gas emissions and meeting net-zero targets.
The report indicates an increase in CCS projects across all development stages. Once currently under-construction facilities are operational, the global capacity for capturing carbon dioxide is expected to double to over 100 million metric tons per year.
This surge in CCS activity reflects a growing commitment to addressing the climate crisis.
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The 2024 report highlights substantial advancements in CCS policy worldwide. Legislation supporting carbon capture is being developed in various regions, including Brazil and China, alongside a notable surge in funding for this emerging technology.
Recently, the UK government announced a ÂŁ22 billion (approximately $28.5 billion) investment in carbon management solutions, while the US continues to back carbon capture, utilization, and storage (CCUS) and carbon removal projects through the Inflation Reduction Act.
Several European nations are actively implementing industrial carbon management strategies and developing roadmaps for CCS deployment.
Through CCS initiatives, Austria, Denmark, France, Germany, Norway, Poland, Sweden, Switzerland, and the UK have all introduced plans to reduce greenhouse gas emissions.
Denmark and Sweden have gone further by committing financial support to mitigate biogenic COâ‚‚ emissions. Denmark has also issued its first onshore CO2 storage exploration license, marking a key milestone in its CCS infrastructure development.
Countries in the Middle East and Africa are also integrating CCS into their decarbonization strategies.
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The report emphasizes that collaboration between governments and the private sector is crucial for advancing CCS initiatives. Since 2020, over 50 memoranda of understanding (MOUs) or agreements have been established, incorporating CCS into their frameworks.
Multilateral initiatives, such as the Clean Energy Ministerial, Mission Innovation, and the Carbon Management Challenge, are enhancing ambition, facilitating knowledge sharing, and supporting CCS technology development.
Public-private partnerships are also playing a vital role in accelerating CCS progress by combining the expertise and resources of both sectors.