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Released October 13, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)-- Carbon capture and storage (CCS) projects are springing up all over. According to a newly released report by the Global CCS Institute (Melbourne, Australia), the carbon dioxide (CO2) capture capacity of all such facilities under development has risen this year to 111 million metric tons per year as of September, a 48% jump over 2020.
Industrial Info is tracking more than 150 carbon-capture projects, worth more than $20 billion, across the globe. The projects fall across several industries, led by Power, which has $6.6 billion worth of projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for a list of detailed project reports.
Click on the image at right for a graph showing global carbon-capture project activity by industry.
"CCS is absolutely critical to achieving net-zero emissions and we anticipate growth in the sector to continue as climate ambition is increasingly matched with action," said Global CCS Institute Jarad Daniels in a press release announcing Tuesday's annual report.
Daniels continued: "As we accelerate toward net zero emissions by mid-century and establish clearer interim targets, CCS will be integral to the decarbonization of energy, industrial sectors such as cement, fertilizers, and chemicals, and will open new opportunities in areas including clean hydrogen and carbon dioxide removal."
On October 6, Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) said it had signed an expression of interest to capture, transport and store CO2 from its Fife Ethylene Plant in Scotland as part of its participation in the proposed Acorn carbon capture project. Subscribers can click here for a list of active Acorn carbon capture projects.
INEOS Group AG (London, England) and site partner Petroineos (Grangemouth, Stirlingshire) also have announced they have joined the Acorn project to reduce emissions at their 210,000-barrel-per-day Grangemouth refinery and petrochemical site in Scotland. For related information, see October 5, 2021, article - INEOS To Spend $1.4 Billion at Scottish Refinery.
North America has seen a big increase in planned CCS capacity, according to the report, which points to CCS tax credits and other factors.
In September, ExxonMobil said 11 companies had expressed interest in supporting the large-scale deployment of CCS technology in Houston, Texas. The company is interested in creating a CCS hub in the heavily industrialized area around the Houston Ship Channel. For more information, see May 3, 2021, article - ExxonMobil Pinpoints Houston Ship Channel for Massive Carbon Capture and Storage Hub.
"If CCS technology is fully implemented at the Houston-area facilities these 11 companies operate, nearly 75 million metric tons of CO2 could be captured and stored per year by 2040," ExxonMobil said in a press release. "There are ongoing discussions with other companies that have industrial operations in the area to add even more CO2 capture capacity."
Even so, CCS capacity has a long way to go before meeting carbon neutral targets.
"The International Energy Agency's Sustainable Development Scenario foresees 15% of emissions reductions to come from CCS, requiring a one-hundred-fold increase in the capacity of operational facilities by 2050," said Guloren Turan, general manager of advocacy and communication for the institute.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Industrial Info is tracking more than 150 carbon-capture projects, worth more than $20 billion, across the globe. The projects fall across several industries, led by Power, which has $6.6 billion worth of projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for a list of detailed project reports.
"CCS is absolutely critical to achieving net-zero emissions and we anticipate growth in the sector to continue as climate ambition is increasingly matched with action," said Global CCS Institute Jarad Daniels in a press release announcing Tuesday's annual report.
Daniels continued: "As we accelerate toward net zero emissions by mid-century and establish clearer interim targets, CCS will be integral to the decarbonization of energy, industrial sectors such as cement, fertilizers, and chemicals, and will open new opportunities in areas including clean hydrogen and carbon dioxide removal."
On October 6, Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) said it had signed an expression of interest to capture, transport and store CO2 from its Fife Ethylene Plant in Scotland as part of its participation in the proposed Acorn carbon capture project. Subscribers can click here for a list of active Acorn carbon capture projects.
INEOS Group AG (London, England) and site partner Petroineos (Grangemouth, Stirlingshire) also have announced they have joined the Acorn project to reduce emissions at their 210,000-barrel-per-day Grangemouth refinery and petrochemical site in Scotland. For related information, see October 5, 2021, article - INEOS To Spend $1.4 Billion at Scottish Refinery.
North America has seen a big increase in planned CCS capacity, according to the report, which points to CCS tax credits and other factors.
In September, ExxonMobil said 11 companies had expressed interest in supporting the large-scale deployment of CCS technology in Houston, Texas. The company is interested in creating a CCS hub in the heavily industrialized area around the Houston Ship Channel. For more information, see May 3, 2021, article - ExxonMobil Pinpoints Houston Ship Channel for Massive Carbon Capture and Storage Hub.
"If CCS technology is fully implemented at the Houston-area facilities these 11 companies operate, nearly 75 million metric tons of CO2 could be captured and stored per year by 2040," ExxonMobil said in a press release. "There are ongoing discussions with other companies that have industrial operations in the area to add even more CO2 capture capacity."
Even so, CCS capacity has a long way to go before meeting carbon neutral targets.
"The International Energy Agency's Sustainable Development Scenario foresees 15% of emissions reductions to come from CCS, requiring a one-hundred-fold increase in the capacity of operational facilities by 2050," said Guloren Turan, general manager of advocacy and communication for the institute.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
