In its report, Fortune Business Insights stated that "The global carbon capture and sequestration market size was valued at over US$ 2 Bn in 2018 and is projected to reach more than US$ 5.6 billion by the end of 2026, exhibiting a CAGR of 13.84% in the forecast period.
Increasing efforts by regional governments to mitigate overall carbon emissions and stabilize climate change is set to augment the global market growth. Stringent actions on the operating procedure and emission monitoring of power generation facilities and coal-fired stations have led major companies to install various GHG diminishing facilities."
Fortunes Business Insights went on to state that "Carbon capture and sequestration (CCS) is one of the key technologies which can substantially reduce the carbon footprint from numerous industrial processes like chemicals manufacturing, cement, steel, power generation and various others."
The Global CCS Institute, a think tank, stated that "ten large-scale carbon capture and storage facilities were verified and added to its database. There are now 51 CCS facilities globally - 19 in operation, four under construction, and 28 in various stages of development with an estimated combined capture capacity of 96 million tonnes of CO2 per annum", said Brad Page, CEO, Global CCS Institute. We are thrilled to see this new momentum of CCS project announcements globally. Eight of the ten facilities added are in the US, where policy confidence has resulted in increased project activity, he adds.
The Global CCS Institute identifies and tracks large-scale CCS projects around the world.
The new US projects cover applications such as ammonia production, ethanol production, power, direct air capture, and integrated commercial storage hubs. CO2 storage hubs, which can store large amounts of CO2, remove barriers to CCS investment and help to bring down costs.
"These carbon capture and geologic storage projects across multiple industries and different regions of the country underscore how the revamped federal 45Q tax credit, coupled in some cases with DOE funding for engineering, is stimulating early project development and investment," said Brad Crabtree, Vice President for Carbon Management at the Great Plains Institute and director of the Carbon Capture Coalition. "This is just the beginning--we will see even more projects emerge as soon as the U.S. Treasury comes out with its long-delayed guidance on the 45Q credit."
The Global CCS also stated "CCS is the only clean technology capable of deeply decarbonizing major industry (steel, cement, fertilizer, pulp and paper, petrochemicals, natural gas processing, oil refining)."
Despite the low impact of overall emissions by the pulp and paper industry, according to Two Sides, which states the industry accounts for only 1% of emissions, the industry is doing its part by making positive efforts in this campaign.
Helen Roush is Executive Vice President of Paperitalo Publications.