Key Trends in CCUS in 2023
Carbon Capture, Utilization and Storage (CCUS) has the potential to reduce global greenhouse gas emissions and help meet the goals of the Paris Agreement. It involves capturing carbon dioxide (CO2) from sources like power stations, chemical plants and industrial facilities before storing it safely underground or using it for beneficial purposes, such as enhanced oil recovery (EOR) or producing energy-dense fuels. This technology could help countries, businesses and industries transition to a low-carbon future and cost-effectively reduce their emissions. The potential market for CCUS is vast and has the potential to generate billions of dollars in revenue in the coming years.
What are the key trends to watch out for in CCUS in 2023 and beyond?
1. Increasing Investment in CCUS: In the upcoming years, more investments are anticipated in CCUS technologies by governments, private entities, and other stakeholders. This is because they acknowledge the potential of CCUS to lower emissions and tackle climate change. For example, the US Inflation Reduction Act of 2021 awards CO2 storage credits to businesses that capture and store carbon dioxide (CO2). Organizations can use carbon credits to offset their carbon emissions and show their dedication to reducing their carbon footprint. Carbon credits are measured in tonnes of carbon dioxide stored. Approximately US$370 billion has been allocated through the act for clean energy, substantially increasing US climate spending and impacting positively on its emissions reduction ambitions. Such actions are crucial to driving innovative initiatives for effective carbon capture technologies.
2. Increased levels of C02 utilization: Captured carbon dioxide is used for commercial purposes, such as Enhanced Oil Recovery (EOR), where CO2 is injected into existing oil and gas reservoirs to help recover the remaining oil and gas reserves. Further uses include the production of carbon-neutral fuels, fertilizers and other industrial chemicals.
3. Growing Use of CCUS for Power Generation: Power plants increasingly use CCUS technology to capture CO2 emissions and generate electricity more efficiently, resulting in reduced emissions and increased power output.
4. Emergence of CCUS Solutions for Industrial Sectors: As industrial sectors including oil and gas, cement, and steel seek to lower their emissions, CCUS is predicted to be a more feasible solution for them in the future.
5. Integration of CCUS with Other Technologies: CCUS technologies are expected to become increasingly integrated with other clean energy technologies, such as solar and wind, to improve their ability to reduce emissions.
6. Innovation in Carbon Capture Technology: Companies are developing more efficient and cost-effective methods of capturing and processing CO2 supporting applications such as solvent absorption, cryogenics and enhanced flue gas filtration.
At Pall Corporation we are continuing to advance filtration technologies to protect carbon capture systems and keep operating expenses related to capture system maintenance and solvent losses low. In EOR applications our solutions help to protect critical equipment such as pumps and limit plugging of reservoirs. Pall experts can work with you and specify solutions to fit your unique process needs and ensure that your equipment is protected with high-quality, reliable filtration and separation equipment.
To learn more, visit the CCUS web page or watch Pall’s on-demand webinar CO2 Capture: Protecting and Adding Value to Your Decarbonization Processes.
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