The Carbon Corner - Issue #71
In recent developments, major players in various industries are forging partnerships and making substantial investments in CCS projects, highlighting the growing significance of this technology. From large-scale carbon capture facilities in the United Kingdom to the global CCS market's remarkable growth projections, these stories showcase how CCS is becoming a pivotal player in the battle against climate change and a driving force behind sustainable energy solutions.
POET and Summit Carbon Solutions Partner to Capture Bioethanol CO2 Emissions for SustainabilityPOET, the world's largest biofuel producer, is joining forces with Summit Carbon Solutions, the world's largest carbon capture and storage (CCS) project, to capture biogenic CO2 emissions generated during bioethanol production. This partnership will incorporate 12 of POET's bioprocessing facilities in Iowa and five facilities in South Dakota into the CCS project, with the aim of capturing 4.7 million tonnes of CO2 annually from these 17 plants. The collaboration is expected to create economic opportunities in agriculture, benefit farmers, enhance land values, and support rural communities and counties in participating states, according to Lee Blank, CEO of Summit Carbon Solutions. This venture reflects a commitment to sustainable practices and carbon management within the bioethanol industry. Howden Launches Groundbreaking Insurance Facility for Carbon Capture and Storage LeaksInsurance broker Howden has launched a first-of-its-kind insurance facility to cover carbon capture and storage leakage risks. This facility is designed to address a key concern associated with CCS technology and foster the development of a commercial insurance market for leakage risks. The facility, developed in collaboration with French reinsurer SCOR and other Lloyd's insurance markets, provides coverage for the sudden or gradual leakage of carbon dioxide from commercial-scale CCS facilities into the air, land, and water. Howden's solution aims to unlock vital investments to support the global transition to net-zero emissions. The global CCS market is projected to reach $7.49 billion by 2030. Technip Energies to Lead Engineering Design for UK's Viking CCS ProjectTechnip Energies has been selected as the front-end engineering design (FEED) contractor for the Viking CCS project, one of the largest carbon capture and storage projects in the world, based in the UK's Humber region. Led by Harbour Energy and partnered with BP, the Viking CCS project aims to capture and store 10 million tonnes of CO2 annually by 2030, contributing to the UK's CCS targets. Technip Energies will be responsible for designing the CO2 transportation system, marking a significant step towards the final investment decision, expected in Q1 2025. The project is set to create thousands of jobs and stimulate investment in the region. Carbon Capture and Storage Market Projected to Reach $18.1 Billion by 2033 with a CAGR of 13%: Key Growth Factors and TrendsThe Carbon Capture and Storage (CCS) market has experienced significant growth, with a value of USD 5.5 billion in 2023 and a projected CAGR of 13% from 2023 to 2032, reaching USD 18.1 billion by 2033, according to Market.us. CCS technologies are designed to capture and store carbon dioxide (CO2) emissions from sources like power plants and industrial facilities, preventing their release into the atmosphere. CCS is crucial for achieving net-zero emissions targets, particularly in hard-to-decarbonize industries. Factors driving the growth of the CCS market include technological advancements, economic factors, regulatory and policy frameworks, environmental concerns, and dynamics in the energy and industrial sectors. Key trends include increased government support, integration with renewable energy projects, advancements in capture and storage technologies, expansion in emerging markets, and the industrial utilization of captured CO2. However, challenges such as safety concerns and high technology costs hinder adoption, particularly by smaller companies. Despite these challenges, the CCS market is poised for growth, driven by innovation and government initiatives. Schaper Energy Consulting is a professional engineering firm offering carbon strategy services to CCS site developers. Check out some examples of our projects here: https://schaperintl.com/carbon-strategies/ If you have questions or comments, please contact us at info@schaperintl.com. We hope you enjoyed reading this week and hope to see you back next week for more! |
Schaper Energy Consulting
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Strides toward carbon neutrality are being made through innovative projects and collaborative agreements. From the construction of the pioneering Porthos carbon capture and storage system in Rotterdam to the groundbreaking research at the University of Queensland on carbon-negative generators, initiatives are underway to combat climate change. Join us as we delve into the stories that are shaping the future of carbon capture! Driving Towards Decarbonization: EU's TEN-T Regulation Paves the...
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