Cumulative investment in carbon capture and storage [CCS] is expected to reach $80bn over the next five years and falling costs will spur more growth post-2030, according to DNV’s first Energy Transition Outlook: CCS to 2050 report.
The report forecasts CCS capacity quadrupling in the next five years, despite ongoing cost, technology implementation and regulatory hurdles which are hindering development.
“Up to now, growth has been limited and largely associated with pilot projects but a sharp increase in capacity in the project pipeline indicates that CCS is at a turning point,” it states.
“The immediate rise in capacity is being driven by short-term scale up in North America and Europe, with natural gas processing still the main application for the technology.”
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