65% of CEOs in hard-to-abate sectors plan to use CCUS

 65% of CEOs in hard-to-abate sectors plan to use CCUS
21 October 2021

A first of its kind benchmarking report on industry attitudes towards carbon capture, utilisation and storage (CCUS) has revealed that 65 per cent of executives working in hard-to-abate sectors see CCUS as ‘critical’ or ‘important’ reaching their 2030 and 2050 goals.

"The Scaling up CCUS" market insights report has been published 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 and 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 per cent of respondents plan to roll out a CCUS solution in the next six years, increasing to 60 per cent 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 per cent of respondents most interested in a fully-funded CCUS model and 59 per cent preferring a mix of funded/operated and owned equipment. No respondents selected outright equipment purchase.

Aniruddha Sharma, co-founder and 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. 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."

Published under Cement News