Carbon Capture and Storage: A Crucial Solution for Achieving Net Zero Emissions

Strategic Insights -

Thailand is taking a prominent role in the adoption of Carbon Capture and Storage (CCS) technology, a revolutionary approach to reducing carbon emissions globally. CCS represents a three-stage process: capture, transport, and storage, which is essential for hard-to-abate industries such as steel production, cement manufacturing, and petrochemicals. This technology is gaining recognition as a critical solution for achieving net zero emissions, with the United Nations' Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA) emphasizing its importance.

Key Takeaways:

  • CCS operates through three distinct capture methods: pre-combustion capture, post-combustion capture, and oxy-fuel combustion, with direct air capture (DAC) representing another frontier.
  • Pre-combustion capture achieves CO2 concentrations of 15-60% by volume, while post-combustion capture is expected to account for over 50% of future projects.
  • The captured CO2 is stored in three primary geological formations: deep saline aquifers, depleted oil and gas reservoirs, and Enhanced Oil Recovery (EOR) projects.
  • Storage formations are located at least 800 meters underground, typically 1,000-3,000 meters deep, sealed by impermeable rock layers.
  • Comprehensive Monitoring, Measurement and Verification (MMV) programmes track potential leakage across three levels: underground storage sites, near-surface layers, and the atmosphere.
  • The United Nations' IPCC has emphasized CCS's critical role in limiting global temperature increases to 1.5-2°C.
  • Major corporations such as JP Morgan and Stripe are investing in startups pioneering direct air capture technology through negative emission carbon credits.

Statistics:

  • CCS has the potential to capture over 1,000 million tonnes of CO2 per site in deep saline aquifers.
  • Enhanced Oil Recovery (EOR) projects can simultaneously increase oil output while storing carbon.
  • The International Energy Agency (IEA) highlights the importance of CCS for electricity generation, natural gas separation, and the production of cement, steel, and chemicals.

Sources:

  • United Nations' Intergovernmental Panel on Climate Change (IPCC)
  • International Energy Agency (IEA)
  • Heirloom
  • Climeworks
  • Carbon Engineering
  • JP Morgan
  • Stripe
  • United Nations' Intergovernmental Panel on Climate Change (IPCC) Reports.