Carbon Capture and Storage (CCS) market size is forecast to reach US$25.3 billion by 2026, after growing at a CAGR of 29.1% during 2021-2026. The emerging demand for carbon dioxide injection technologies for Enhanced Oil Recovery (EOR) and stringent government standards for greenhouse gas emissions are the key factors driving the market growth. Carbon Capture and Storage or Carbon Capture and Sequestration (CCS) is a technology to combat climate change in which Carbon dioxide (CO2) is captured and then transported where it is stored permanently across depleted hydrocarbon fields and deep saline aquifer formations. The goal of carbon capture and storage is to keep CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> emissions out of the atmosphere as increased levels of CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> is the main culprit behind the Greenhouse effect and global warming which has a detrimental effect not only on the environment and also on the economy as a whole. Carbon capture and storage aims at reducing the human carbon footprint. CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> is mainly produced by the combustion of fossil fuels and is also a major by-product of many industries. Hence, it is vital to get rid of it in a responsible manner as it is a greenhouse gas. According to a report by the International Energy Agency (IEA), CCS could contribute to a 19% reduction in global CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> emissions by 2050. In the Paris Climate Agreement, world governments agreed to keep emissions well below 2?C and to pursue efforts to keep it below 1.5?C. The Intergovernmental Panel on Climate Change (IPCC) concluded that global emissions need to reach net zero by 2050 to limit warming to 1.5?C. To achieve the Paris Agreement objective countries are trying to reach net zero. This goal to reach net zero greenhouse gas emissions is one of the major contributing factors to the growth of the Carbon Capture and Storage market. Clean technologies and increasing power consumption also play a significant role in driving the carbon capture and storage industry during the forecast period.
COVID-19 Impact
When the COVID-19 pandemic hit, many end use industries like Chemical plants, Iron and Steel, Fertilizer and other industries scaled back production and many were shut down due to lockdowns. In early 2020, investing huge capital for Carbon Capture and Storage projects took a backseat for a while as industries struggled to make profits. For instance, in March 2020 Petra Nova CCS Facility, USA paused all Carbon Capture and Storage operations. On the other hand, as human activities were brought to a complete standstill, the levels of CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> also decreased. According to the Global Carbon Project, in April 2020, daily global emissions decreased by 17% when compared with the mean 2019 levels. This made people more conscious of the efforts to reduce CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> emissions and push for clean technologies to combat climate change which in turn boosts the Carbon Capture and Storage market.
Carbon Capture and Storage (CCS) Market Report Coverage
The report: “Carbon Capture and Storage (CCS) Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Carbon Capture and Storage Market.
By Capture Technology: Post Combustion Capture, Pre-Combustion Capture, Oxyfuel Combustion and Industrial Separation
By Storage Technology: Geological Storage, Deep Ocean Storage, and Enhanced Oil Recovery (EOR)
By End-Use Industry: Power Generation, Iron and Steel, Oil and Gas, Chemicals, Cement and Concrete, Biofuels, Fertilizers, Textiles, Food and Beverages, Paper and Pulp, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East and Africa)
Key Takeaways
- North America dominates the CCS market, with USA having the lion’s share of operational or under construction schemes of CCS plants.
- The International Energy Agency (IEA) estimates that we need a carbon capture and storage industry capable of capturing 7,000 million tons of carbon dioxide per year and storing it underground by 2050. So, the future of the global CCS industry looks promising.
- There has been an increase in Global warming and CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> emissions post lockdowns. This is leading to an increase in demand to curb emissions, which is increasing the demand for carbon capture and consecutively driving the market growth.
- The major opportunity for this market is growing climate change awareness and development of clean and green mitigation technologies. Furthermore, it is also an opportunity for this market to develop advanced technology for safe and long-term storage of CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;">.
Figure: Carbon Capture and Storage (CCS) Market Revenue Share, By Capture Technology, 2020 (%)
Carbon Capture and Storage (CCS) Market Segment Analysis – By Capture Technology
Pre-combustion, post-combustion, oxy-fuel combustion, and industrial separation are some of the widely used capture technologies. The post-combustion capture segment held the largest share of 55.6% in the CCS market in 2020. In post combustion capture CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> is removed after combustion of fossil fuels in power plants. CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> is captured from flue gases at power stations or other point sources. The technology is currently used in other industrial applications as well. Post combustion capture is most popular in research because PCC can be typically built into existing industrial plants and power stations (retro-fitting) without significant modifications to the original plant. Post Combustion Capture offers high operational flexibility (partial retrofit, zero to full capture operation) and it can match market conditions for both existing and new power stations. Renewable technologies can be integrated in this process, in particular, Post Combustion Capture allows the use of low-cost solar thermal collectors to provide the necessary heat to separate CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> from sorbents, effectively reducing the loss of electrical output caused by capture.
Oxy-fuel combustion is the fastest growing capture technology in the Carbon Capture and Storage market in 2020 and is growing at a CAGR of 41.0% during 2021-2026. Oxy-fuel combustion is the process of combusting hydrocarbon fuel in the presence of high purity oxygen. Generally, oxy-fuel combustion recycles flue gas to achieve a lower flame temperature, which makes it a highly efficient energy-saving combustion technology. Due to the large quantity of high purity oxygen required for this process, cryogenic air separation is currently the technology of choice for oxygen production. As demand for highly efficient and effective capture technologies increases, Post-combustion Capture and Oxy-fuel Combustion are expected to dominate the market during the forecast period.
Carbon Capture and Storage (CCS) Market Segment Analysis – By Storage Technology
The last and the most critical step in CCS is permanent storage of CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;">. Geological Storage, Deep Ocean Storage and Enhanced Oil Recovery (EOR) are some of the storage technologies used. The EOR segment held the largest share of 70.0% in the CCS market in 2020. Enhanced Oil Recovery (EOR) is a process of extraction of crude oil from an oil field that otherwise cannot be recovered. Due to the physics of fluid flow, about two-thirds of conventional crude oil discovered in oil fields remains unproduced – primary oil recovery produces only about 10% of the reservoir’s original oil in place, with secondary recovery techniques increasing original oil in place production to approximately 20 to 40%. Tertiary (EOR) techniques prolong the life of producing fields, ultimately leading to recovery of 30 to 60% of the original oil in place. The United States Department of Energy (DOE) has estimated that full use of next generation CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;">-EOR in the country could generate an additional 240 billion barrels of recoverable oil resources. Developing this potential would depend on the availability of commercial CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> in large volumes, which could be made possible by widespread use of carbon capture and storage. Geological storage is the fastest growing storage technology segment in the Carbon Capture and Storage market in 2020 and is growing at a CAGR of 33.1% during 2021-2026. Geological Storage involves injecting CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> as a supercritical fluid and injecting it into geological formations like saline aquifers or deep unminable coal beds 800 meters or more below the Earth’s crust. According to the Global CCS institute, as of June 2021, 26 commercial CCS facilities with a total capacity of 40 million tons per annum (Mtpa) are operating, 3 more are in construction, 13 are in advanced development and approximately 21 are in early development. Each of these facilities is or will permanently store hundreds of thousands of tons of CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> per year, and several store more than one million tons of CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> each year. Five of the 21 operating facilities use dedicated geological storage.
Carbon Capture and Storage (CCS) Market Segment Analysis – By End Use Industry
Industries produce about 8 billion tons of CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> emissions annually. Chemical, Iron and steel and cement industries are responsible for 70% of these emissions due to the nature of their processes and high temperature heat requirements. The only feasible option for mitigation is to remove CO2 after production using CCS. The Oil and gas segment held the largest share of 62.8% in the Carbon Capture and Storage market in 2020. The rising demand for crude oil and natural gas across various industries has driven the growth of the oil and gas industry. The rising investments in the oil industry to meet growing energy requirements with the focus on lowering greenhouse gas emissions will significantly stimulate the implementation of carbon capture and storage projects. The fastest growing end use industry segment in the Carbon Capture and Storage market in 2020 is biofuels which is growing at a CAGR of 43.2% during 2021-2026. This segment is growing fast owing to its popularity as a negative emission technology- Bioenergy with Carbon Capture and Storage (BECCS). BECCS is the process of extracting bioenergy from biomass and capturing and storing the CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> thereby removing the atmospheric CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;">. Biogenic CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> is typically counted as a net-zero emission in most Greenhouse gas accounting schemes. This makes it a very low-cost CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> source for capture. Thus, favoring the CCS market.
Carbon Capture and Storage (CCS) Market Segment Analysis – By Geography
North America held the largest share in the CCS market in 2020 up to 54.0%. The US already had the highest number of operational CCS facilities and continued its lead in the global CCS projects with 12 of the 17 new commercial facilities added to the list projects in 2020. According to industry insights, North America will witness substantial growth on account of the increasing energy demands. For instance, the primary energy produced from fossil fuels in the US accounted for 79% of the total primary energy production in 2020 according to the IEA. Hence, there is a need to upgrade the conventional systems with effective emission control technologies like CCS to achieve the minimum emission rate. This contributes to the regional market growth. Projects were announced in the following end use industries - cement manufacturing, coal and gas-fired power plants, waste-to-energy plants, ethanol facilities and chemical production. These new projects are mainly due to incentives from the government as well as the DOE. Stringent regulatory standards by the government to decrease the greenhouse gas emissions will further boost the demand for carbon capture and storage technology in the region.
The APAC region is the fastest growing region and is growing at a CAGR of 44.3% during 2021-2026. In the Asia Pacific region commitments to reach net-zero emissions saw significant support over the last year from both, governments and businesses, which is spearheading CCS investment and driving the growth of the market. Increasing industrialization rate coupled with the growing investment toward expansion of manufacturing facilities has raised the deployment of CCS projects. Rapid deployment of gas and coal power plants in to cater to the growing demand for energy will accelerate the Asia Pacific market growth. For instance, in June 2021 Japan proposed $10 billion in government funding for low carbon projects overseas, particularly in Asia with the aim of offsetting the environmental impacts as it stays dependent on oil and gas imports to maintain energy security. Rising awareness regarding emission control along with ongoing industrial and commercial expansion will boost the market.
Carbon Capture and Storage (CCS) Market Drivers
Global Aim for Net Zero
There has been a tremendous growth in the renewable energy sources sectors but climate experts and scientists believe that this alone will not result in zero carbon emissions. CCS plays a vital role in ridding the existing energy sources of greenhouse gas emissions and one step closes to net zero. The CCS technologies available today can absorb more than 90% of CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> generated by fossil fuel power stations and industrial plants. According a report, the International Energy Agency declares that without CCS it will be impossible to achieve the ambition of the Paris Agreement. Many countries have begun adopting CCS to put them on the right track to net zero. A Norwegian Company, Equinor’s “Hydrogen to Humber (H2H) Saltend” project will provide blue (zero emission) hydrogen from natural gas with carbon capture and storage technology for the Humber region in UK. The project is one of many steps toward realizing the 2019 UK law committing to net-zero greenhouse gas emissions by 2050. Such projects act as drivers for the CCS market during the forecast period.
Role of Power Generation Industry
The expeditious decarbonization of power generation industry is of utmost importance in achieving net-zero emissions as electricity generation is one of the largest sources of CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> emissions globally. The demand for electricity is forecast to increase significantly. CCS equipped power plants will help ensure that the low carbon grid of the future is resilient and reliable. CCS is also essential for reducing emissions from the existent world-wide fossil fuel power plants. Globally, there is approximately 2,000 Giga Watts (GW) of operating coal-fired capacity, with over 500 GW of new capacity expected by 2030. Over 200 Gigatons of new capacity is already under construction. Without CCS retrofit or early retirement, coal and gas-fired power stations, both current as well as under construction, will continue emitting CO2<span lang="EN-US" calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:="" calibri;mso-fareast-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;="" mso-bidi-font-family:"times="" new="" roman";mso-bidi-theme-font:minor-bidi;="" position:relative;top:5.0pt;mso-text-raise:-5.0pt;mso-ansi-language:en-us;="" mso-fareast-language:en-us;mso-bidi-language:ar-sa"="" style="box-sizing: border-box;"> at rates that will consume 95% of the IEA’s Sustainable Development Scenario carbon budget by 2050. Retrofitting fossil fuel power generation plants with CCS can be a cost-effective option which means economies that are heavily dependent on coal such as China, India, and Southeast Asian countries can continue using it while moving toward a low-carbon economy, thereby transitioning towards zero emission. Thus, the growth in power generation also fuels the growth of CCS market.
