Concurrent 24. Oral Presentation for: The global status of carbon capture and storage: ambition to action

Abstract

Presented on Wednesday 17 May: Session 24

As the global response to climate change advances from ambition to action, the past few years have witnessed unprecedented levels of investments in carbon capture and storage (CCS), with the pipeline of commercial facilities continuing to grow as the technology becomes increasingly competitive and commercial in many countries. Key trends underpinning this momentum include the rise of the network project model enabling the use of shared infrastructure, the incorporation of CCS in private sector investment strategies, ESG (environmental, social and governance) considerations, green taxonomies and the industrial-scale production of hydrogen to meet demand. With CCS receiving increased awareness in international climate policy negotiations, a renewed focus on developing supportive policy, legal and regulatory mechanisms by national governments are also driving CCS deployment. Established leaders and early-movers in CCS-relevant policy, such as the United States, European Union and the UK, continue to maintain or strengthen their positions by allocating significant levels of funding for tax credits, subsidies and grants. Similarly, countries in the Asia-Pacific region, notably China, Indonesia, Malaysia and Thailand, are also advancing policies to incentivise deployment, including through the establishment of CCS-specific legal and regulatory frameworks. The outlook for CCS is optimistic, however, current deployment rates fall far short of what is required to keep global warming below 1.5 or even 2 degrees. Further action is needed to unlock the full potential of CCS and realise the Paris climate goals.

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