BAKU, Azerbaijan, April 8. Over 100 carbon capture and storage (CCS) projects may be sanctioned in 2023, which would be considered a significant rise in the CCS portfolio, Trend reports with reference to the Gas Exporting Countries Forum (GECF).
The latest GECF report says that the past few years have witnessed an escalation in the language of climate change and CCS projects are at the heart of it as part of a reliable decarbonization pathway.
“Since the start of 2018, momentum behind CCS has been growing which is translated into a significant rise in announced CCS projects and the associated carbon abatement capacity. As of 2022, about 200 new carbon capture projects have been announced under different stages of development, with aggregated capturing capacity of around 240 Mt CO2 per year. This represents a 44% increase compared to the number of projects in 2021 and evidence of the increased interest in CCS as a pathway for achieving emissions reduction, while supporting at the same time economic growth and a just transition,” reads the report.
GECF experts note that currently, there are around 30 operational facilities applying CCS on commercial scale to industrial operations, power generation and fuel transformation, with a capturing capacity of around 43 Mt CO2 per year.
“On the other hand, there are CCS projects that are in different phases of developments, with 75 projects in early development phase, 78 projects in advanced development phase and 11 projects under construction. However, in 2022 only 19 commercial CCS projects under development have taken FID, including the FID for the development of Petronas’s Kasawari CCS project off the coast of Sarawak, Malaysia, which is considered the world largest offshore CCS project, with capturing capacity around 3.3 Mt CO2 per year,” reads the report.
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