CARBON CAPTURE, USE AND STORAGE: strategies to fight climate change
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To address the climate crisis, different sectors, public and private, are committed to generate actions or initiatives to reduce, offset or capture Carbon Dioxide (CO2e).
Industries such as cement, steel, mining, hydrocarbons and paper, among others, have inherent CO2 emissions derived from industrial processes of high energy consumption. Therefore, projects for the reduction of emissions in their processes or compensation through carbon credits, have become key in their decarbonization route, highlighting in turn that, recently the projects of Carbon Capture, Use and Storage (CCUS), are also sounding as a valid option to reach “Zero Emissions”.
Afforestation/Reforestation projects, as well as wetland and mangrove restoration, generate natural sinks for carbon and other Greenhouse Gases (GHG). Now, these Nature-Based Solutions are the most used actions in the world to remove carbon.
At the same time, some research centers in the world are developing new ways to capture carbon with Technology-Based Solutions.
What are CCUS projects?
In its most recent report, the Intergovernmental Panel on Climate Change made it clear that CCUS technologies play a key role in meeting global emission reduction targets, despite some uncertainties about their permanence.
These new capture technologies include in their process the use and/or storage of CO2 and are currently being used in activities that generate large amounts of emissions, such as: electric power generation, gray or blue hydrogen generation, and in industrial facilities that use fossil fuels or biomass (although CO2 can also be captured from the air itself (Direct Air Carbon Capture and Storage – DACCS)).
Once the carbon is captured, it can be immediately used in a sub-process of the same chain or it can be compressed, stored and transported to other activities where CO2 is an input, for example, in the processing of: fertilizers, production of other fuels, processing of ceramic or polymeric materials or refrigeration, among others. If it is not to be stored and transported for other uses, CO2 can also be stored in subway geological formations, offshore or onshore.
Projects around the world
Currently, carbon capture, use and storage projects around the world have an annual capture potential of 40 MtCO2 distributed in about 27 projects.
In Brazil, there is only one carbon capture and reinjection project operating, and it is the only offshore project in the world. Due to the high cost of this type of projects, their use is not yet widespread, but the countries of this region are very interested in promoting CCUS projects as part of their decarbonization strategy.
As of 2021 there is a portfolio of 163 projects with advanced and announced development.
Carbon credits from CCUS projects can already be found in the voluntary carbon markets, but still at very high prices: around USD $150 per ton of CO2, while a credit from a CO2 removal project through Nature Based Solutions is around USD $11 per ton, and credits from avoided emissions projects are around USD 3/tCO2e.
CCUS projects are being strongly supported by SBTi science-based target initiatives, and powerful companies, such as Microsoft, are generating greater vigilance in the integrity of these types of projects.
ALLCOT is an expert in managing: CO2 reduction, removal and capture projects, as well as trading quality carbon credits, comprehensively meeting the objectives of the Paris agreement and the Sustainable Development Goals.
If your company is interested in developing pilot projects of this nature, learning about their feasibility or purchasing carbon credits from these types of projects, please contact us.