The ever-growing concerns about climate change culminated in the Paris Climate Summit in 2015. 187 countries were present and certain measures were put in place to combat climate change. In practice, the way to go about this is to curb the carbon dioxide and greenhouse gas (GHG) emissions but the world is still heavily reliant on fossil fuels for energy. This is why CCS has been put forward as a viable option to help combat climate change. This is because the technology allows us to continue with the use of traditional fuels (oil & gas) while searching for a legitimate alternative, all the while being able to reduce emissions by up to 99%. The other major driver for CCS is its use for CO2 EOR. The market, however, is still immature globally but with pressure to meet emissions targets manifesting as tighter regulations and policies, the CCS market will grow worldwide.
The report analyst commented "Carbon capture and storage is an incredibly promising tool to help combat climate change and emissions, aiding governments as they endeavour to meet their targets outlined in the Paris Agreement. Although this technology has high capital costs, it is far cheaper than entirely changing the energy system. Slowly, but surely, companies and governments are starting to realise this and so investment into this technology is expected to grow considerably over the next decade and beyond until we find a legitimate alternative fuel source."
Leading companies featured in the report who are using or developing CCS technologies are Occidental, Dakota Gas, Shell, Schlumberger, Exxon Mobil, Petronas among others.
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Date: Apr 10, 2019