Increasing Momentum for Carbon Capture and Storage Brings Global Decarbonization Goals One Step Closer

In terms of both facility numbers and carbon dioxide (CO₂) capture capacity, the project pipeline for CCS is at an all-time high. The 41 CCS projects in operation now have an annual CO₂ capture capacity of 49 million tonnes per annum (Mtpa). Meanwhile, the total project pipeline capacity has expanded to 361 Mtpa of CO₂, a 50% increase from 2022 – the highest jump since 2018.  

The Global CCS Institute's CEO, Jarad Daniels remarked on this progress saying: "The climate math is clear, carbon capture and storage (CCS) is an essential climate mitigation technology, without which it would be virtually impossible to achieve net-zero emission targets. However, the math also indicates that this past year's impressive step-up still has us near the bottom of the staircase, so to speak, and that CCS must reach gigatonne per annum (Gtpa) scale in order to reach our emission goals."

Indeed, authoritative analysis by the Intergovernmental Panel on Climate Change, the International Energy Agency, and others, consistently indicates that achieving global climate targets will require annual CO₂ storage rates of approximately 1 Gtpa by 2030 and multiple Gtpa by 2050.

"Policy makers, industry leaders, investors and the general public, are all feeling a growing urgency to address climate change, and that is accelerating many forms of mitigation, including CCS deployment, in leading regions around the globe. However, to meet our climate change mitigation targets global investment in CCS deployment this decade must grow even faster," said Mr. Daniels.  

Other key takeaways from the Global Status of CCS 2023 report include:

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