A report released by the International Energy Agency (IEA) in 2020 revealed that the world’s carbon emissions from fossil fuels and industry continued to rise in 2019, increasing by 0.6% to 33.3 billion metric tons. What’s more, the IEA warned that to limit global warming to 1.5°C above pre-industrial levels, carbon emissions must peak by 2025 and decline by 45% by 2030. With the clock ticking, the focus is shifting to carbon capture technology (CCS) as a potential game-changer in the fight against climate change.
Learn more: "The Spark of Innovation: How Clean Tech Funding is Igniting a Sustainable Future"
Carbon capture technology involves capturing CO2 emissions from power plants and industrial processes, and then either storing them underground or utilizing them in various applications. The tech has been around for decades, but recent advancements have made it more efficient and cost-effective. For instance, the Petra Nova project in Texas, which began operating in 2017, has been capturing 1.6 million metric tons of CO2 annually – equivalent to the emissions from 300,000 cars.
However, despite the progress, CCS still faces significant hurdles. One of the main challenges is cost. While the price of CCS has decreased over the years, it remains a major expense, with estimates suggesting that it adds $50-100 per ton to the cost of electricity generation. This makes it difficult for the technology to be adopted on a large scale, particularly in the power sector.
Learn more: Why Putting Your Money Into Renewable Energy Feels Like a Smart Move Right Now
Another challenge is the limited number of CCS projects currently in operation. According to the Global CCS Institute, there are only around 20 large-scale CCS facilities in operation worldwide, with many of these being pilot projects or demonstration plants. Scaling up CCS to meet the IEA’s targets will require significant investment and policy support.
Despite these challenges, many experts believe that CCS has the potential to play a crucial role in reducing greenhouse gas emissions. In fact, a recent study by the National Renewable Energy Laboratory (NREL) found that widespread adoption of CCS could reduce CO2 emissions from the US power sector by 76% by 2050.
So, what’s holding back the development of CCS? One major factor is the lack of government support. While there have been some notable exceptions, such as the US government’s allocation of $3.8 billion for CCS projects in the 2020 budget, many countries have yet to provide sufficient financial backing for the technology. This lack of support is partly due to the perceived high upfront costs, but also the fact that CCS is often seen as a “stopgap” measure, rather than a long-term solution to climate change.
To overcome these challenges, experts recommend a combination of government policies, innovative financing models, and collaboration between industries. For instance, some companies are exploring new business models, such as carbon credits, to make CCS more attractive to investors. Others are developing new technologies, such as direct air capture, which can capture CO2 from the atmosphere itself, rather than just from industrial sources.
In conclusion, while carbon capture technology is not a silver bullet for climate change, it has the potential to play a significant role in reducing greenhouse gas emissions. With sustained investment, policy support, and innovation, CCS can help us meet the IEA’s targets and limit the impact of climate change. But it will require a concerted effort from governments, industries, and civil society to make CCS a reality.
