The global carbon capture , utilisation , and storage ( CCUS ) market is expected to grow from $ 1.30 billion in 2020 to $ 1.46 billion in 2021 at a CAGR of 12.3 %, according to ResearchAndMarkets . com . CCUS facilities have the capacity to capture more than 40 MtCO2 each year , according to the IEA . Stronger investment incentives and climate targets are building new momentum behind CCUS and the pipeline of planned projects is growing .
But with the urgent need to remove five billion tonnes of carbon dioxide from the atmosphere by 2050 , the central question is whether CCUS can deliver in time .
“ The buzz leading up to COP26 was that CCUS and Blue Hydrogen are ‘ proven ’ technologies that need modest incentives to scale up . The fact remains that the technologies are largely unproven or failed , with little hope of commercial scalability for decades – valuable time the world does not have ,” writes Grant Hauber , Energy Finance Analyst at the Institute for Energy Economics and Financial Analysis ( IEEFA ).
“ Renewable energy investments would be in proven , low-risk technology
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