Carbon Capture and Storage: Hiding dirt under the rug or a real clean up?
- Carbon Capture and Storage (CCS) consists of retrieving carbon dioxide (CO₂) from industrial exhaust fumes, transporting it and storing it underground
- Although there are mature, or quickly maturing, capture technologies, transport and storage ecosystems have yet to be developed in most places
- The economic equation of CCS is improving but remains challenging. Putting a price on carbon is a necessity for CCS to really take off
- We believe the scale of CCS development envisaged in several net zero scenarios set out by major institutions is not yet credible
- CCS is both a structural and a temporary solution for the energy transition: It is a critical technology for unabatable process emissions – for instance in the cement industry – and a transition technology while industrial processes and energy consumption patterns evolve
- Social acceptance of storage sites – especially onshore – and risk perceptions could be significant roadblocks
- The priority is first to reduce and avoid emissions. CCS has a role as a mitigation tool in some cases, and should not be used as an excuse to avoid emissions reduction