Will carbon capture become a market worth more than 20 billion?

Will carbon capture become a market worth more than 20 billion?

Many players firmly believe in this technology, which extracts CO2 from the atmosphere. Enough to recover a little leeway?

In a report spotted by SciencePost, a research firm that works on the energy challenges of tomorrow explains that it strongly believes in the concept of carbon capture to fight against global warming. For the Norwegian firm Rystad Energy, in addition to being one of the most promising solutions, this approach could also hide a real industrial vein.

Carbon capture is one of those technologies that are on the rise right now. The concept couldn’t be simpler; if carbon dioxide is a problem in the atmosphere, just send it back where it came from! It is therefore a question of extracting the atmospheric C02 manu militari, so that it ceases to participate in this famous greenhouse effect.

Today, some observers remain a bit skeptical; but that did not prevent a large number of manufacturers from taking up the issue. After all, the method is often presented as the future of the fight against global warming.

Carbon sequestration is seen as a fundamental component of the decarbonization of society, necessary to overcome the energy transition”, explains an analyst of the group in the press release. “Even though this technology dates back to the 1970s, the number of announced projects has exploded over the last two years.“, he says.

© Rystad Energy

Many projects already in the pipeline

We can, for example, cite the huge Norwegian Longship project. It plans to sequester millions of tons of carbon in liquid form. This CO2 will then be dumped into ancient pockets of fossil resources; it will remain sealed there forever, nearly three kilometers below the seabed.

Elon Musk is also interested in it. In May 2021, it launched a 100 million dollar competition to reward the person who will give birth to a great idea likely to extract at least 1000 tons of CO2 superfluous from the atmosphere to turn it into rocket fuel.

With such enthusiasm, we can expect this industrial niche to weigh heavily in the future. And it’s not about long term. The firm Rystad Energy explains that spending on carbon sequestration could explode; they could increase from 2.8 billion in 2021 to around 20 billion dollars by 2025! In total, the expenditure related to carbon capture and storage would thus exceed 50 billion dollars.

Rystad’s press release mentions 56 commercial projects of this type already in operation, for a total capture capacity of 41 million tonnes of CO2 per year. By 2025, these numbers are likely to explode. The report states that 84 such commercial projects are underway. Most of them will emerge in Europe and North America. They should be able to extract and then store approximately 150 million tons of carbon dioxide per year.

For these reasons, the IPCC places carbon sequestration among its five main recommendations. (see our article) to slow down global warming. Let’s hope that these steps will at least offer us some additional leeway until the rest of industry and governments catch up. Because the urgency is now absolute, as the last report of the institution reminded us again.

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