The International Energy Agency (IEA) has consistently highlighted the important role of CCUS (Carbon Capture Utilisation and Storage) in achieving net zero emissions, given that without CCUS we would have limited or no solutions for tackling emissions from hard-to-abate sectors.
Although recent progress in carbon capture and storage projects are promising, its deployment and the planned pipeline of projects are well below the levels required in the Net Zero Emissions by 2050 scenario.
To reach the United Nation's climate goals, carbon capture must increase by hundred times in 30 years (to 2050) - translating to 5.6 billion tons of CO2, which is almost equivalent to today's global oil production. This will require several trillion euros in investments in capture plants, and transportation and storage infrastructure. This is an enormous challenge but a great opportunity for CO2 Capsol.
Applying CCUS in industry and fuel transformation is one of the most cost-effective ways to reduce emissions, particularly from processes that produce concentrated CO2 streams, like Waste-to-Energy (also called Energy-from-Waste), power plants, cement production and heavy industries. We experience that all industries now have a component of CCUS.
CCUS projects are now operating or under development in many countries around the world, with the United States and Europe accounting for three- quarters of the projects in development. However, progress is seen across Asia, Australia, and the Middle East.
Despite the war in Ukraine and the resulting energy crisis, CO2 Capsol has experienced an increased influx of requests for our environmentally friendly HPC (Hot Potassium Carbonate) post-combustion carbon capture technology, Capsol EoP (End of Pipe), and our demonstration unit CapsolGoTM, which offers clients an affordable opportunity to test CO2 Capsol´s technology with their specific flue gas profile, helping clients accelerate the decision processes towards a full-scale carbon capture plant.
We continue to build the organization and strengthen our team, and are pleased to welcome among others, Anders Grinrød (Head of Innovation) and Cato Christensen (Chief Technical Officer) to our team of excellent employees. They will both be essential in our continued growth and success.
CO2 Capsol´s goal is to help capture as much CO2 as possible with our safe, energy-efficient and cost competitive carbon capture technology, a goal we are all proud of contributing to realise.
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