Atmospheric carbon capture techniques on the rise

Faced with record emissions, carbon capture and storage (CCS) and direct air capture (DAC) are gaining in importance in the fight against global warming, with promising developments despite cost challenges.

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Carbon capture and storage (CCS) and direct air capture (DAC) are at the forefront of efforts to reduce CO2 emissions. CCS intercepts CO2 at source, while DAC tackles CO2 already in the atmosphere. In a context where global action on climate change remains insufficient, these methods offer a dual strategy for tackling carbon emissions, each with its own challenges and opportunities,

The current state of CCS and DAC

CCS has been used since the 1970s, mainly to increase oil recovery, but its role is evolving towards emissions reduction. By the end of 2023, 40 CCS installations were capturing around 45 Mt of CO2 annually. The more recent DAC has fewer than thirty installations, underlining the need for significant expansion to impact overall emissions.

Ambitious goals for the future

To achieve carbon neutrality by 2050, CCS must increase its capture capacity to 1.3 billion tonnes of CO2 per year by 2030. DAC also needs to step up its efforts, aiming to extract 60 million tonnes annually. Ongoing projects and the forthcoming opening of new facilities, notably in the United States, point to growth potential.

The cost challenge

Current costs for CCS and DAC vary widely, with DAC being particularly expensive. However, projections indicate a significant drop in costs by 2050, making these technologies more viable and attractive to investors and public policy.

Investments and support policies

Tax credits in the USA and Canada are encouraging investment in CCS, while China and South Korea are stepping up their efforts. Support for DAC is also growing, with companies such as Climeworks at the forefront, which is receiving backing from major corporations for the “permanent removal” of CO2.

CCS and DAC are essential components of the global strategy against global warming. Although facing cost and scale-up challenges, these technologies are enjoying growing interest and strategic investment, offering hope and potential for achieving global climate goals.

The Bayou Bend project, led by Chevron, Equinor, and TotalEnergies, aims to become a major hub for industrial carbon dioxide storage on the US Gulf Coast, with initial phases already completed.
US-based Chloris Geospatial has raised $8.5M from international investors to expand its satellite-based forest monitoring capabilities and strengthen its commercial position in Europe, addressing growing demand in the carbon market.
The federal government is funding three carbon capture, utilisation and storage initiatives in Alberta, strengthening national energy competitiveness and preparing infrastructure aligned with long-term emission-reduction goals.
Donald Trump approves a substantial increase in US tax credits aimed at carbon capture and utilization in oil projects, significantly reshaping economic outlooks for the energy sector and drawing attention from specialized investors.
The European Union unveils a plan aimed at protecting its exporting industries from rising carbon policy costs, using revenue generated from its border adjustment mechanism.
Colombia is experiencing a significant drop in voluntary carbon credit prices due to a major oversupply, destabilizing the financial balance of associated communities and projects.
France and Norway sign an agreement facilitating the international transport of CO₂ to offshore geological storage facilities, notably through the Northern Lights project and the CO₂ Highway Europe infrastructure.
Frontier Infrastructure Holdings has signed an offtake agreement with manager Wild Assets for up to 120 000 tonnes of BECCS credits, underscoring the voluntary market’s growing appetite for traceable, high-permanence carbon removals.
Global carbon capture and offset credit markets could exceed $1.35 trillion by 2050, driven by private investment, technological advances, and regulatory developments, according to analysis published by Wood Mackenzie.
The Australian carbon credit market is experiencing temporary price stabilization, while the emergence of new alternative financial instruments gradually attracts corporate attention, subtly altering the commercial and financial dynamics of the sector.
Norway has launched a major industrial project aimed at capturing, maritime transport, and geological storage of CO₂, mobilizing key energy players and significant public subsidies to ensure economic viability.
A €21mn European grant, managed by EIB Global, will fund Egyptian projects aimed at cutting industrial emissions and boosting recycling, while a related €135mn loan is expected to raise additional climate investments.
Stockholm Exergi begins construction of a CO₂ capture facility in Stockholm, integrated with the expansion of Northern Lights in Norway, reaching a total storage capacity of 5 million tonnes per year by 2028.
Global emissions coverage by carbon pricing systems reaches 28%, driven by expanding compliance markets, where demand nearly tripled within one year, according to a World Bank report.
Vietnam initiates a pilot carbon market targeting steel, cement, and thermal energy industries to prepare for nationwide regulation starting in 2029.
The U.S. Environmental Protection Agency (EPA) proposes granting Texas direct authority to issue carbon dioxide injection permits, potentially accelerating the commercial expansion of geological CO₂ storage projects.
Höegh Evi and Aker BP received Approval in Principle from DNV for a maritime carrier designed to transport liquefied CO₂ to offshore storage sites in Norway.
Norne and the Port of Aalborg begin construction of a 15 mn tonne per year CO2 terminal, supported by an EU grant.
The Lagos State government has launched a programme to deploy 80 million improved cookstoves, generating up to 1.2 billion tonnes of tradable carbon credits.
The US Department of Energy has cancelled 24 projects funded under the Biden administration, citing their lack of profitability and alignment with national energy priorities.