Understanding Carbon Capture and Storage: Can It Effectively Reduce Emissions?

Carbon capture potential? The UK supports carbon capture projects for net zero goals and adds two more projects for negotiations without additional funding.

Carbon capture potential? What does CCS Involve?

Carbon capture and storage (CCS) consists of two primary categories. Point-source CCS captures CO₂ emissions at the origin, like a smokestack, whereas direct air capture (DAC) removes CO₂ that’s already present in the atmosphere.

The British government has extended its support to two fresh projects: Acorn, a collaboration between Storegga, Shell, Harbour Energy, and North Sea Midstream Partners, and the Viking project, spearheaded by Harbour Energy.

Both projects aim to trap emissions from high-pollution industries like oil and gas refining and steel production. The emissions will be stored beneath the British coast in exhausted oil and gas fields.

Carbon capture potential? The process explained

Initially, CO₂ must be isolated from other gases released during industrial operations or power generation. Following this, it’s compressed and conveyed to storage sites, often through pipelines. Subsequently, it’s injected into subterranean rock formations, usually at depths of 1 km (0.62 miles) or more, for storage spanning decades.

Carbon capture and storage (CCS) has been functional since the 1970s, with over 200 million tons of CO₂ successfully captured and stored in deep underground locations worldwide, according to the Global CCS Institute.

Nevertheless, numerous initiatives have not met the pledged carbon reduction targets.

For instance, Chevron Corp’s (CVX.N) Gorgon project in Australia, the world’s largest commercial CCS undertaking, has encountered challenges in achieving its intended capacity.

What contribution can it make?

A report by a United Nations panel of scientists last year suggested that CCS has the potential to aid in achieving global climate targets outlined in the 2015 Paris Agreement on climate change. However, the report emphasized the continued importance of focusing on preventing initial emissions.

Nations like Britain envision this technology as a means to attain their net zero objectives. Britain, for example, aims to capture and store 20-30 million tons annually by 2030, equivalent to the emissions of 10-15 million cars.

Nonetheless, some environmental organizations raise doubts about CCS’s effectiveness in reducing emissions. Critics argue that the technology might enable fossil fuel companies to prolong their operations and potentially recover more oil and gas from aging fields.

How many facilities exist?

The Global CCS Institute added 61 facilities last year, totaling over 190 in the global project pipeline. Among them, 30 were operational, 11 were under construction, and the rest were in varying stages of development.

CCUS goes beyond mere CO₂ storage, incorporating its reuse in industrial processes like plastics, concrete, or biofuel production.

What is the cost?

CCS technology proves costly, with upfront expenses constituting two-thirds of total lifetime costs, states consulting firm Wood Mackenzie.

Limited funding and unclear economic rationale hinder global CCS progress.

Individual project expenses range between $20 to $150 per tonne of CO₂, dependent on technology type and captured emissions source, according to a 2022 Wood Mackenzie report.

Therefore, the report forecasts a potential 20%-25% cost reduction over the next two decades.

For CCS featuring direct air capture, costs exceed several hundred dollars per tonne, depending on the technology type.

Read the original article on reuters.

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