The global carbon capture, utilisation and storage market is predicted to grow 28-fold by 2050, according to a new study from research and consultancy group Wood Mackenzie.
This growth fits with separate analysis from the group, which found that the global carbon offset market is forecast to hit at least $150bn in the next 25 years.
It predicts that both sectors will be driven by rising demand, policy evolution, strategic corporate deals, and technological advancements.
“CCUS will likely become crucial for abating process emissions in hard-to-abate industries,” said Hetal Gandhi, Lead for Global Forecasts and APAC Research.
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