Recently, many countries have begun to attach importance to carbon capture, utilization and storage (ccus) technology. This is because ccus can effectively reduce carbon emissions from fossil energy and heavy industries such as steel and cement. China, the UK, and some technology companies like Tencent have launched ccus investment plans or projects, aiming to promote the commercialization and application of ccus. In the context of carbon neutrality goals, increasing investment in ccus technology is necessary. This article will elaborate on the importance of ccus, the current status of ccus investment, and the necessity of increasing ccus investment.
CCUS is essential and urgent for achieving carbon neutrality goals
As an important carbon emission reduction technology, CCUS plays an irreplaceable role in achieving carbon neutrality. It is the only way to realize deep decarbonization in fossil energy utilization and emissions-intensive industries. The International Energy Agency estimates CCUS could reduce global CO2 emissions by 15% in 2050. However, the current development and application of CCUS is still in its infancy, with only 26 large-scale CCUS facilities worldwide. More investment is needed to promote commercialization.
Many countries have introduced CCUS investment plans
Recently, China, the UK, the US, and the EU all announced investment plans to promote CCUS. For example, China plans to establish 10-16 demonstration projects, and the UK will invest £1 billion to deploy CCUS in 2 industrial clusters. Companies like Tencent also launched a 100 million RMB carbon innovation fund to incubate CCUS startups. These plans will provide funding support for CCUS research, demonstration projects, commercialization, and startup incubation.
Increasing investment can boost CCUS commercialization
Although CCUS holds great potential, commercialization faces challenges like high costs, long construction periods, and lack of practical data. Increased investment can help overcome these barriers by supporting more pilot projects to accumulate experience, drive down costs through scale, and provide incentives for enterprises to adopt CCUS. Financial support is essential during the initial commercialization stage before CCUS becomes economically viable on its own.
Multiple means should be taken to increase CCUS investment
Governments should provide policy incentives like carbon pricing, tax breaks, and subsidies for CCUS adoption, and arrange public investment funds for CCUS pilots and infrastructure construction. Enterprises should be encouraged to allocate more R&D spending on CCUS and collaborate on demonstration projects. Financial institutions ought to develop diversified green financing tools to attract private capital into CCUS. International cooperation on technology and experience sharing is also important.
Increasing investment in CCUS technology through various means can greatly accelerate its commercialization progress, which is key to achieving global carbon neutrality goals.