As we deliver the Global Status of CCS 2022, it is clearer than ever that CCS is one of the critical tools we must use now to address the climate crisis. In fact, without CCS, reaching our shared climate goals is practically impossible.
When it comes to limiting global warming, the last few years have been marked by growing ambition from both countries and companies alike. That ambition must now translate to urgent, broad, and large-scale action if we are to maintain a livable climate.
In the solution space, the momentum behind carbon capture and storage has continued to build. As a mature, well-understood technology, companies seeking to deploy CCS have embraced robust policy to strengthen the business case for doing so.
As we publish the Global Status of CCS report this year, there are over 190 facilities in the project pipeline.
In 2022, we’ve seen CCS becoming increasingly commercial and competitive in many countries. We expect to see more strategic partnerships and collaboration driving deployment, particularly through CCS networks.
Clean hydrogen and other low-carbon fuels are also part of the CCS growth story, with dozens of blue hydrogen projects now in development around the world.
This year we’ve also seen unprecedented interest and engagement in direct air capture with CCS or DACCS, with billions of dollars in funding allocated to scale-up this essential technology.
The outlook for CCS has never been more positive, which is good news more broadly for climate change mitigation.
However, global efforts to reduce emissions, including investment in CCS, are still grossly inadequate. Private capital must be met with government policy to unlock the full potential of CCS and keep global warming below 1.5 degrees. Put simply, we must move from ambition to action.