By Mathilde Fajardy, Carl Greenfield, Rachael Moore, International Energy Agency • Mar 24, 2023
How New Business Models are Boosting Momentum on CCUS
Carbon capture, utilization and storage (CCUS) projects and practices are spreading globally with 45 countries developing or planning CCUS projects.
There is a growing focus on developing CO2 transport and storage infrastructure, including the use of collection terminals, pipelines and shipping. Oil and gas companies have historically been the leaders in CCUS development and will continue to play a vital role in a net zero future.
The development of CCUS hubs encourages operators of CO2-emitting facilities seeking to reduce their emissions to invest in CO2 capture. The infrastructure for managing and storing CO2 will be available for them, especially with the continual increase in CCUS projects worldwide.
Governments also play a key role in planning, coordinating hub development, and accelerating storage permitting. There are still some models of CO2 transport that have not yet been approved, so there is a need to develop a more comprehensive legal and regulatory framework for CCUS.
Since this is a global phenomenon, there is a deep need for countries to collaborate and support each others’ CCUS projects.