March 30, 2015
Wellesley, Mass., March 30, 2015 –BCC Research (www.bccresearch.com) reveals in its new report on separation technology that the sequestration of carbon is recognized as one of most promising options for mitigating the increase of Carbon Dioxide (CO2) emissions and therefore for limiting global warming. While in the past the focus was on geologic storage of CO2, the utilization of CO2 is now being proposed as a possible alternative or complement.
CO2 sequestration can be defined as the segregation of CO2, either chemically, such as in chemical utilization, or physically, such as in geologic storage. The integrated concept from capture to sequestration is defined as carbon capture, utilization, and storage (CCUS). According to BCC Research, the cumulative investment spending for the projects to come on-stream from 2014 to 2019 will be $32 billion.
As reported by the International Energy Agency (IEA) in 2013, spending on CCUS demonstration projects in the past five years exceeded $10 billion, of which one-quarter was funded by governments mostly in the U.S. and Canada. The new report points out that China should play a leading role in the development of carbon capture, since spending will peak in 2015 as a large number of projects are anticipated to start operating by 2016 through 2018.
National demonstration programs are an essential driver of the development of new technologies. The leading countries in terms of number of large demonstration projects are the U.S. and China, where numerous projects have been reported. In other countries, such as Australia and Europe, a number of ambitious projects have been developed in the past few years but have been since cancelled or face serious delays.
“For both the power sector and industry, carbon capture is the only large-scale option to reduce emissions at relatively low cost while preserving the value of fossil fuel reserves and existing infrastructures,” says BCC Research analyst Nelly Puren. “For CCUS to contribute significantly to the mitigation of CO2 emissions, it would be necessary to implement thousands of large-scale CCUS projects worldwide over the coming decades, which would require a joint and dedicated effort from industry and policymakers.”
Emerging technologies for the use or conversion of CO2 have received extended coverage in the popular media recently as they not only promise to mitigate harmful emissions but also to replace fossil fuels in an increasing number of applications.
Carbon Capture, Utilization & Storage Technologies focuses on projects for the deployment of CCUS technologies and the short- or long-term sequestration of anthropogenic emissions that would otherwise be emitted from large point sources such as power stations or industrial facilities.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
Carbon Capture, Utilization & Storage Technologies( EGY037D )
Publish Date: Feb 2015
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