According to the International Energy Agency (IEA), if countries are to meet net-zero emissions targets designed to slow climate change, a sharp rise in the deployment of carbon capture, utilization, and storage (CCUS) technology is required.
The amount of carbon dioxide (CO2) captured has to soar to 800 mt in 2030, from the current 40 mt, with up to USD160 billion has to be invested. The EIA forecast that without it, the energy and climate goals will become virtually impossible to reach.
CCUS had significant momentum in 2020 as there have been more than 30 new projects announced recently, with governments and industries committing almost $4 billion only this year. However, the target was still failed to be met on the back of lack of commercial incentives, large capital costs, and public opposition to the storage, especially onshore.
IEA Head Fatih Birol hoped CCUS could be commercially viable this decade, as building more facilities around the world would help to bring down the costs.
