While the race to net zero continues to grow, some think that the role of carbon capture is finite until other green energy options catch up. However, with less than eight years before the world needs to have its emissions cut by half, the role of Carbon Capture and Storage (CCS) is fundamental in reaching this goal.
When it comes to industrial industries, using carbon capture can be one of the ways to help reduce carbon emissions by up to 90%. Power, steel, cement, oil and chemicals industries are some of the biggest offenders regarding carbon emissions. The need for quick and sustainable solutions will be critical to the long-term goal of net zero.
We look at three other reasons why carbon capture will continue to grow and be vital in achieving the net zero goal.
Embracing carbon capture’s potential
Heavy industries are seeing significant investment in carbon capture. CCS is a real opportunity for these industries to create a realistic route to decarbonisation. One of the largest oil companies in the world is developing one of the most extensive carbon capture facilities to support hydrogen production.
While the technology has been around for a while, it is now we are seeing industries include it as a crucial strategy to decarbonisation following more tests and evidence that the technology is more reliable than expected while also performing better on the cost, which means this strategy can be an economical choice within heavy industries.
Carbon Capture Support
It isn’t just businesses that believe in carbon capture. Governments are also supporting its use in industries. This can be seen through active and planned initiatives throughout the world. In 2022, the United States of America increased carbon capture tax credits by 70%. Other countries are also looking at significant initiatives to back CCS with the aim of boosting decarbonisation.
Those involved with the carbon capture value chain have shown significant collaboration to curb the financial increase being seen within the industry. Rather than adopting transactional relationships, everyone within the chain is working together to develop solutions to move CCS forward.
The industry is seeing a partnership approach like no other. Contractors and owners are collaborating with investors from the early stages of projects. The partnership approach helps identify best-fit government initiatives, as well as understanding financing needs, creating an environment to mitigate risks and provide innovative solutions that produce realistic outcome expectations so that performance and timelines are practically guaranteed.
Zero Global is a specialist talent agency within the cleantech industry. Our dedicated carbon capture consultants work with businesses to find the skills they need to focus on their mission.