Economic Potential of DACCS and Global CCS Progress
2.1 AMBITION TO ACTION
The past few years have witnessed an escalation in the language of climate change.
Transforming the global economy to achieve net-zero greenhouse gas emissions by
mid-century is now accepted as the objective in the global climate change discourse.
This level of ambition, essential to avoid dangerous anthropogenic interference with
the climate system, requires an acceleration in investment in near-zero emissions
technologies of all types across all sectors. Put simply, the global response to climate
change is advancing from ambition to action and this is clearly evident in data on the
level of investment in carbon capture and storage (CCS). The significant increase in
activity to develop carbon capture and storage projects reported in the Global Status
of CCS 2021 report has continued throughout this reporting period. As of September
2022, the total capacity of CCS projects in development was 244 million tonnes per
annum (Mtpa) of carbon dioxide (CO2) - an increase of 44 per cent over the past 12
months, as shown in Figure 1.
This growth arises from the private sector's response to the rising expectations of civil
society to move to a net-zero emissions future and the evolution of government policy
and regulation that is strengthening the business case for investment in CCS. The
business risks and opportunities created by climate change are receiving closer analysis.
For some businesses, CCS is a critical tool in reducing their exposure to CO2 emissions,
either directly or in their value chain, mitigating a strategic business risk. For others,
CCS is an opportunity to supply a new and growing industry. Similarly, governments
seeking to chart the lowest-cost, most efficient pathway toward net-zero are identifying
CCS alongside all other mitigation options as essential to meeting climate targets, while
ensuring a just transition for their communities.
2021
(using 2022 approach)
2022
0
20
40
60
80
100
120
CAPTURE CAPACITY (Mtpa)
OPERATIONAL
ADVANCED DEVELOPMENT
OPERATION SUSPENDED
FIGURE 1: CAPACITY OF CCS FACILITIES IN DEVELOPMENT
[5]
IN CONSTRUCTION
EARLY DEVELOPMENT
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DEMAND FOR
ECONOMIC PROSPERITY
AND A JUST TRANSITION
CCS
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DEMAND FOR
ENERGY, FERTILISER,
STEEL, CEMENT,
CHEMICALS ETC.
DEMAND FOR
GREENHOUSE GAS
EMISSION REDUCTION
SERVICES
FIGURE 2: DEMAND DRIVERS FOR CCS
GLOBAL CCS
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