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February 24, 2023
RIYADH: The volume of global investment in carbon capture and storage projects has hit $6.4 billion in 2022, said Fatih Yilmaz, an expert in the Climate and Sustainability Program at the King Abdullah Petroleum Studies and Research Center. Speaking during a panel discussion on carbon management techniques with the International Energy Forum and the Clean Energy Forum in Riyadh, Yilmaz highlighted that the average investment in CCUS projects ranged from $2 billion to $3 billion annually until 2022. This indicates that last year witnessed a jump in the rate of investments in the sector, which further implies the need to invest in clean hydrogen. Citing a recent study by the International Energy Agency which listed CCUS as one of the seven pillars of achieving net-zero by 2050, he added that there is an underlying need to reach a capacity to capture and store 8 million tons of carbon dioxide by 2050. The world striving to achieve net-zero carbon emissions goals needs a new approach to attract investments to scale up carbon capture and storage capacity, said experts who participated in the roundtable. “We cannot achieve net-zero without carbon capture, and we need to scale up carbon capture and storage over the coming years to deliver it,” said KAPSARC President Fahad Alajlan. He added that the world needs a new approach to attract financiers to support CCUS initiatives. Stressing on the importance of the roundtable, the KAPSARC president said such events will allow experts to share their knowledge and identify ways to promote carbon management technologies. Speaking at the event, IEF Secretary General Joseph McMonigle, added: “We need to make 2023 the year of CCUS, and enhance collaboration to improve the investment in and usage of this technology.” The panel, which comprised representatives from industry, government and academia, also discussed ways to enhance investment momentum in CCUS projects to reach zero neutrality. It also addressed how large-scale investments can be de-risked through clear and cohesive policies. Delegates also spoke about how carbon market initiatives and environmental, social and governance standards advance the circular carbon economy. In addition, they identified the CCUS synergies between hydrogen and material transitions. A research consulting center, KAPSARC has so far published more than 700 research papers on topics ranging from climate change policy and governance to energy and economic diversification.
February 24, 2023
The company has joined forces with 14 other organisations, including BASF, Tata Steel and Unilever, to demonstrate the value of carbon capture to the UK consumer products sector. The two-year Flue2Chem project will develop a new value chain to convert industrial waste gases into sustainable materials for consumer products, which could result in a saving of 15-20 million tonnes of CO₂ emissions a year in the UK. It is receiving £2.68 million of grant funding from Innovate UK’s Transforming Foundation Industries (TFI) Challenge. Foundation industries such as metals, glass, paper and chemicals could provide alternative sources of CO₂ for UK consumer product production, at a time when most of the carbon used in everything from electronics to home care and many other products is extracted from coal, oil and gas. If the UK is to reach its net zero target by 2050, industries must find an alternative source for the carbon in these goods Carbon Clean’s fully modular CycloneCC carbon capture technology will capture 10 TPD of CO₂ from three industrial sites – at Holmen, Tata Steel and UPM – as part of the project. James Hall, Head of Research at Carbon Clean, said, “We’re excited to be working alongside UK industry giants and academia in this project to evaluate the full value chain of carbon capture and utilisation in the UK. Deploying our carbon capture technology in foundation industries, such as metals, glass, paper and chemicals, will generate a vital source of CO₂ for the UK consumer products industry. It’s a great example of the circular carbon economy in action – transforming captured carbon into affordable raw materials for consumer products.” Currently the UK is importing large amounts of carbon containing feedstocks each year for use in the consumer goods industry, so securing an alternative domestic source will also bring economic benefits. Aside from the technical aspects of the project, the business model development will frame the economic incentives that are likely to be required to make the model work. The project will bring together partners from across the whole supply chain to achieve this. The full Flue2Chem project partners are: BASF, Carbon Clean, Centre for Process Innovation, Confederation of Paper Industries, Croda, Holmen, Johnson Matthey, Procter & Gamble, Reckitt, Society of Chemical Industry (SCI), Tata Steel, The University of Sheffield, The University of Surrey, Unilever and UPM-Kymmene.
February 24, 2023
The report highlights a significant gap between proposed Carbon Dioxide Removal (CDR) deployment and what will be required to meet the Paris Agreement’s temperature goal of limiting warming to well below 2°C, with efforts to achieve 1.5°C. Innovation in CDR has grown substantially, demonstrated by advancements in research and development (R&D), patents, and capacity investments. According to the report by leading research institutes, public attention on CDR has increased, with over 28,000 peer-reviewed scientific studies now available in English, growing at a faster rate than literature on climate change as a whole. Currently, almost all CDR (99.9%, or 2 GtCO₂ per year) comes from conventional land management practices, primarily afforestation and reforestation. Only a tiny fraction (0.1%, or 0.002 GtCO₂ per year) results from novel CDR methods, which involve storing captured carbon in the lithosphere, ocean, or products. Examples of novel CDR include bioenergy with carbon capture and storage (BECCS), biochar, and direct air capture with carbon capture and storage (DACCS). Achieving the required deployment levels demands substantial progress within the next 10 years—considered the formative phase for novel CDR. The report finds that approximately 120 national governments have net-zero emissions targets, which implicitly require CDR to offset residual emissions. However, few governments have actionable plans for developing novel CDR methods. This report aims to regularly inform researchers, policymakers, and practitioners about progress in CDR by systematically collecting and analyzing extensive data and developments worldwide. Scaling up novel CDR, expanding land-based CDR, and rapidly reducing emissions are identified as urgent priorities to achieve the Paris Agreement’s targets. “In the coming years, this global CDR report should continue to regularly inform policymakers on the state of progress by systematically collecting and analyzing the vast amount of data and developments in many parts of the world,” said Artur Runge-Metzger, Former Director, EU Commission Directorate-General on Climate Action.
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