The global carbon capture and storage (CCS) market has been forecast to reach 56 million tonnes by 2018, driven by the increasing pressure to control emissions of greenhouse gasses, political will to achieve emission targets, and growing government support for CCS projects.
CCS is the process of capturing waste carbon dioxide (CO2) from large point sources, such as fossil fuel power plants, transporting it to a storage site, and depositing it where it will not enter the atmosphere, normally an underground geological formation.
CCS is a valuable tool in the drive to minimize greenhouse gas emissions. The rationale for opting for CCS comes from the fact that the current large dependence on fossil fuels would continue to exist for several years to come, due in part to a wide installed base in the fossil fuel industry and early stages of renewables.
The sheer magnitude of existing fossil-fuel based energy infrastructure makes it difficult for complete replacement by sustainable and eco-friendly alternative energy sources that can serve the global energy needs. The situation creates demand for technologies that allow use of fossil fuels as a source of energy while reducing CO2 emissions.
CCS is one such low-carbon technology that promises to achieve a part of this goal by reducing CO2 emissions across various sectors.
Government policies act as a major driver for CCS deployment. Several countries including the US, Canada, UK and China among others have legislated supportive policies for CCS deployment and related technology development.
However, economic pressures have forced certain countries such as Australia to cut funds for CCS projects, while uncertainty with regards to support for the technology and lack of funds are resulting in significant delays in execution in few other countries.
Project cancellations due to unsupportive policies, lack of funds, huge costs and public opposition represent key factors impeding desired progress in the market.
For more information on the CSS market, see the latest research: CSS Market
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