How Carbon Capture, Utilization, and Storage (CCUS) Technology Utilization Productively Makes the Earth Greener?
In this growing world of industrialization, the rising emissions of greenhouse gases into the atmosphere have been a global concern for the past few years. To counter this problem, carbon capture, utilization, and storage (CCUS) technology is the solution, which helps in reducing the CO2 emissions and making utilization of the removed CO2 in making fuels. After a long period, CCUS enables governments of many nations to make new investment initiatives for reinforcing the climatic goals such as net-zero carbon emissions.
Industries play a major role in the development and prosperity of societies. At the same time, they are the center for almost one-quarter of the total carbon-dioxide emissions. It’s being the most difficult job to diminish the carbon-dioxide emissions from the industry, as in industries a lot of chemical and physical processes are taking place that cause emissions. To this problem, carbon capture, utilization, and storage (CCUS) are a portfolio of technologies that can address the process of zero-carbon emissions from the industries while maintaining their sustainability and competitiveness. In some industries, CCUS is one of the cost-effective solutions for the reduction of carbon emissions and fuel transformation process on large scale. Before moving ahead with the huge number of advantages of CCUS technology, let’s start with the fundamentals first.
What is Carbon Capture, Utilization, and Storage (CCUS)?
Carbon capture, utilization, and storage enclose the methodologies and technologies of removing concentrated CO2 from the fossil gases as well as from other industrial activities. Mostly, the CCUS captures the carbon-dioxide emissions from coal-fired power plants. The CCUS technology also includes the recycling of CO2 in the utilization of making other fuels or sources of energy and to determine safe alternative options to store CO2.
CCUS provides a short-term solution of storing carbon dioxide to make a liquid fuel and a long-term solution is absorbing around 25% of emissions in the production of cement, concrete, or other materials required for the construction industry. You will be surprised to know that concretes are a great source of storing carbon dioxide for hundreds of years.
What is the Potential of CCUS in Tackling Global Climate Change?
So far now, CCUS is the only technology that can help in achieving zero-net carbon emissions from industrial installation worldwide. According to scientists and researchers, this technology can be combined with bioenergy technologies for power generation and it has the potential to cause zero emissions by removing CO2 from the atmosphere. Scientists and policymakers say that it will be crucial if the world is going to limit the temperature rise to 2 degree Celcius.
Moreover, the International Energy Agency (IEA) analysis constantly reflects that the wide variety of CCUS technologies is needed to achieve the deep reduction in carbon emissions both practically and cost-effectively. The global CCUS Institute estimates that around 2500 CCUS facilities will be in operation by 2040 globally, and each facility is going to capture around 1.5 million tons of CO2 per year.
What are the Key Advantages of Carbon Capture, Utilization, and Storage?
The CCUS technology possesses a wide variety of beneficial advantages to society and the world starting from providing renewable sources of energy to creating new job opportunities for the millennials. Some more are listed below:
- CCUS technology helps in reducing CO2 emissions effectively from cement, iron, and steel which is the most challenging task and the net-zero emissions goals are impossible without CCUS.
- The motive of developing CCUS hubs across the globe can support new investment opportunities which are going to reduce unit costs through emerging economies.
- CCUS is a competitive solution for decarbonization, which many industrial sectors are willing to opt for. Its lower cost and easy implementation are the prime factors that reduce the complex nature of industrial transformation and lead to support infrastructure development.
- This technology enhances the use of CO2 in strengthening the concretes and further implies increasing the durability of the infrastructures.
- Technically, CCUS allows converting CO2 into other renewable and recyclable fuels which is a great help in providing resources for the future generation.
- Moreover, CO2, which is extracted by using CCUS technology can further be used to create chemicals and oxygenated compounds such as functional plastics by converting hydrogen into polymers. These plastics can be used to create soft foams used in mattresses.
Future Landscape of Carbon Capture, Utilization and Storage Market
The growing usage of CCUS technologies in reducing the emission of greenhouse gases globally is the major expected to bolster the growth of the global carbon capture, utilization, and storage market in the near future. The market is envisioned to generate a revenue of $5,306.7 million and grow at a CAGR of 13.7% during the analysis period from 2021-2028. Furthermore, the increasing number of CCUS projects in the Asia-Pacific region is expected to thrive the growth of the market in the upcoming future.
The Bottom Line
The growing governmental investment initiatives to support the research and development of the energy department for the innovation of advanced tools to evaluate environmental fitness and safety are going to boost the use of CCUS technologies worldwide. Furthermore, the wide options of making use of CO2 in producing other useful materials are further going to fortify the growth of the CCUS market in the coming future.
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