- 60% of executives plan to roll out a CCUS solution in the next decade
- A majority of respondents identify space as a key barrier to adoption
- 59% of executives prefer a mix of funded and owned CCUS equipment with no respondents selecting outright equipment purchase
A first of its kind benchmarking report on the industry attitudes towards carbon capture, utilisation and storage (CCUS) has revealed that 65% of executives working in hard-to-abate sectors see CCUS as ‘critical’ or ‘important’ reaching their 2030/2050 goals.
The Scaling up CCUS – market insights report is based on an anonymised survey of senior executives and input from an expert panel. It is published today by Decarb Connect – a leading platform that connects the hard-to-abate sectors, and Carbon Clean – a global leader in cost-effective carbon capture technology and services.
Alex Cameron, Founder & CEO, Decarb Connect comments:
“For many companies there are questions around how quickly to select decarbonisation technologies: commit too soon and risk losing out on newer developments but leave it too late and risk falling behind … this report aims to address those questions.”
The report is broken down into three key areas: the economics of carbon capture, the operational challenges around CCUS and the pace of roll out. It found that 34% of respondents plan to roll out a CCUS solution in the next six years, increasing to 60% with CCUS adoption plans into the next decade.
Among the operational challenges, space is a key barrier to widespread CCUS adoption, with most executives working in hard-to-abate sectors noting it as an issue. The most frequently mentioned concern was around the onward transportation and disposal of captured carbon – from the distance to markets, to the development of transportation and storage infrastructure – as well as markets for carbon use.
The survey also provided valuable insights on the optimal purchasing model for industries with 41% of respondents most interested in a fully funded CCUS model and 59% preferring a mix of funded/operated and owned equipment. No respondents selected outright equipment purchase.
Aniruddha Sharma, Co-founder & CEO, Carbon Clean adds:
“Gaining insight from those at the sharp end of industrial emissions is invaluable as we further develop solutions to scale up the adoption of CCUS. Later this month, we will be launching our fully modular carbon capture technology that is set to make CCUS simple, affordable and scalable. This survey demonstrates that there is demand for this kind of solution and for CCUS itself.
“There are many routes to net zero and technologies that can help industries achieve their climate goals, but this survey supports the role that CCUS is already playing and will go on to play in the coming decades.”
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Notes to Editors
- Data in the Scaling up CCUS - market insights report is derived from an anonymised survey of 70 senior executives, chosen to represent prevailing thoughts and experiences across the industry, with just under 60% of respondents representing hard-to-abate asset owners, and 40% chosen from industry thought leaders such as policymakers, financial executives, academics in the subject area and industry experts.
A panel of senior experts also contributed to the report through a series of in-depth interviews. The panel included: Brent Constantz, CEO, Blue Planet; John Norton, Jr., Director of Energy, Research and Innovation, Great Lakes Water Authority; Markus Rentsch, Technical Director, Jura Management AG; Lorna Bennet, Project Engineer, Offshore Renewable, Energy Catapult; Luis Aviles, OFS Account Manager, Schlumberger; Siri Hoven, Investment Manager, Equinor Ventures; Cem Gercek, Regional Operations Manager and Decarbonisation Leader, Carmeuse; Alfredo Carrato, Venture Architect, CEMEX Ventures; and Dimitrios Koufos, Lead Direct Finance - Associate Director, Energy Efficiency/Climate Change, EBRD.
- To download the Scaling up CCUS - market insights report visit: decarbconnect.com/insights or carbonclean.com/scaling-up-ccus-insights.
- For more information on Decarb Connect and partnering opportunities for future reports please contact: Stephanie Wright, Marketing Director: firstname.lastname@example.org
About Decarb Connect
Decarb Connect works with industry to set an annual agenda for essential research, benchmarking data, live events, retreats and more. It is a global platform that focuses on supporting the hard-to-abate sectors including cement, steel, O&G, power & utilities, ceramics and more.
The events and reports produced by Decarb Connect support those leading the deployment of decarbonisation plans including heads of corporate strategy, CTOs, Innovation/R&D, project directors and heads of carbon management.
If you’re selecting technologies, establishing high performing collaborations, initiating pilots or working out how to scale innovative projects – each element of the Decarb Connect offering helps you solve the systemic and technical barriers to decarbonisation.
For information about Decarb Connect: www.decarbconnect.com
About Carbon Clean
Carbon Clean is a global leader in cost-effective carbon capture technology and services. The company’s patented technology significantly reduces the costs and environmental impacts of CO2 separation when compared to existing techniques.
The technology has been proven at scale in power, cement, refineries, CHP and heavy industry boilers in over 10 locations, including the UK, USA, Germany, India, Norway, and the Netherlands. It is currently in use at the world’s largest industrial-scale carbon capture and utilisation plant in Tuticorin, India for the chemicals sector. The UK government has supported the development of Carbon Clean’s technology through competitive grants.
The company was awarded a ‘Technology Pioneer’ award by the World Economic Forum and most recently selected as one of Cemex Ventures Top50 ConTech Startups and named a 2021 Global Cleantech 100 company.
For information about Carbon Clean: www.carbonclean.com