How the Industry Relies on CO2 Capture Technologies to Meet Climate Change Goals

Norwegian carbon dioxide (CO2) storage company Northern Lights and its owners have agreed to save emissions from fertilizer manufacturer Yara’s Dutch operations from 2025.

a joint venture established by oil Companies Equinor, TotalEnergies, and Shell plan to inject CO2 from industrial plants into subseafloor rock formations in the North Sea.

Industries from cement to mining are developing plans to limit and reduce global warming emissions, many of which rely on carbon capture.

There are two main types of carbon dioxide capture and storage. Point source carbon capture and storage (CCS) sequesters CO2 produced at sources such as chimneys, and direct air capture (DAC) removes carbon dioxide (CO2) from the atmosphere.

Captured CO2 is usually permanently stored underground, while CO2 reuses CO2.

Some groups believe that billions of tons of storage will be needed by the middle of the century. Exxon Mobil Corp expects it to be a $2 trillion market by 2040.

Below is an illustration of how four other large-scale industries, which are major carbon emitters, are using CCS technology.

cement and concrete

Cement and concrete production accounts for about 8% of global CO2 emissions.

The Global Cement and Concrete Association recently released a roadmap to net-zero cement by 2050, pledging 10 industrial-scale carbon capture plants by 2030.

Fernando Gonzalez, CEO of Mexico’s Cemex, said in a company presentation earlier this month that carbon capture technology is the “elephant in the room,” citing the challenges surrounding technology development.

steel

The steel manufacturing process is energy and carbon intensive as it uses fossil fuels such as coal to power blast furnaces, but production has increased in recent years.

According to the worldsteel association, 75% of the CO2 produced globally by the sector needs to be captured to meet the emissions targets. This equates to 14 steelworks with CCS technology that will be built annually from 2030 to 2070. There is currently only one large-scale steel facility with CCS in the world.

ArcelorMittal, one of the world’s largest steel producers, last year signed a memorandum of understanding with French-based industrial gas company Air Liquide to develop carbon capture technology aimed at producing low-carbon steel at its Dunkirk site. signed.

oil and gas

Until recently, capturing carbon produced by fossil fuels and injecting it underground was primarily a means of releasing more carbon dioxide. oil From dilapidated wells. There are several proposals for building a CCS hub, but few beyond the development stage.

Many large energy companies are now incorporating CCS into their emissions reduction plans, but the lack of a carbon trading market and tax incentives to make the investment worthwhile hinders US progress.

Occidental Petroleum is currently working with private equity firm Rusheen Capital Management to develop a direct air capture facility in Texas that will capture approximately one million tons of CO2 annually from the atmosphere.

mining

Part of the mining industry sees carbon capture and storage as a way to reduce emissions from coal-fired power plants, a major source of electricity in Australia’s mining hub.

Some mining companies are also investigating ways to replace natural gas in their operations with hydrogen. Hydrogen does not emit carbon when burned.

Rio Tinto Ltd, one of the world’s largest mining companies, in October acquired a 400% stake in privately held Carbon Capture Inc, which develops technology to suck carbon dioxide out of the atmosphere, chemically bind it, and permanently store it. announced a $100 million investment. – on rocks.

(Reuters – Reporting by Cassandra Garrison, Editing by Matt Scuffham and Emelia Sithole-Matarise)