Cumulative investment in carbon capture and storage (CCS) is expected to reach $80bn over the next five years as capacity quadruples, according to a new report by Norwegian energy expert and assurance provider DNV. In its Energy Transition Outlook: CCS to 2050 it says that so far growth has mostly come from pilot projects.
Europe’s strong price incentives will lead it to overtake North America in CCS deployment, the report finds, as the industry is reliant on policy support. But use of the technology has grown slowly so far and must increase dramatically, says DNV, which also considers other technologies such as direct air capture of CO2 and carbon dioxide removal.
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