While most supporters and opponents of CCUS focus on its use in power generation, where the cost of using the technology is high, we believe that recent tax incentives and policy initiatives, mainly in the US and Europe, create a credible near-term investment opportunity in industries where the cost of CCUS is relatively low. As a result, even though CCUS is 40 years old, fewer than 100 projects have been developed worldwide, with a combined estimated capacity of around 32 million metric tons of CO 2-a small fraction of global emissions. Concerns about its long-term sustainability, the feasibility of technical advances, and the economic viability of expensive but high-volume applications (particularly in coal- and gas-fired power generation) have also led to skepticism about CCUS among public and private players. According to international energy and climate change agencies, the technology offers one of the few means of dealing with large, stationary emitters of CO 2.īut so far, carbon capture, utilization, and storage (CCUS) has proved to be too costly to be commercially viable, and governments have largely failed to offer policies to support the technology. The widespread adoption of carbon capture technology is crucial for meeting the Paris Agreement’s goal of limiting the rise in the global temperature to well below 2☌.
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