Can Carbon Capture, Storage Fix Emissions Problem?
Climate activists have long been skeptical about Carbon Capture and Storage (CCS) technology majorly used by oil and gas exploration firms to reduce their net emissions as they claim it is a façade.
Despite the doubts by opposing parties, research shows that CCS investments have soared and major private and state-owned oil firms have doubled-down on the technology.
The French Institute of International Relations reported that it had confirmed in a 2021 report that a record 76 CCS projects were being executed across Europe.
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A geologist at the French geological and Mining Research Bureau, Thomas Le Guenan said according to France 24, “Currently, CCS is progressing along two tracks in Europe; there’s a lot of enthusiasm in northern Europe and a lot less enthusiasm in southern Europe, where there’s a lack of political will to implement these technologies.”
Rystad Energy, a leading research firm from Norway projected that the market for carbon capture and storage equipment would hit $50bn in 2025 as firms in Europe and North America continue to drive demand.
From this, it is estimated that the CCS industry would sequester 150 million tonnes per year, a 275% jump from the current 40 million tonnes done by the industry currently. However, this is a spit in the sea compared to the 38 billion tonnes of C02 emitted in 2019 by humans.
The Northern Lights project, funded by oil supermajors Total, Shell and state-owned Equinor, is expected to turn Norway into a C02 storage behemoth.
Located near the island of Bergen, a terminal has been positioned to capture nearly 1.5 million tonnes of C02 annually emitted by European industry. Cristel Lambstone, Northern Lights’ technical director told France Info, ““The ship will unload its CO2 in liquid form; it’s like water, odourless and colourless.
It will then be transported through pipelines to be stored 2,500 metres below the North Sea in wells currently being drilled.”
CCS has its limits. It is still relatively expensive compared to the costs associated with carbon allowance under Europe’s C02 emissions laws. “Subsidies are needed to accelerate the implementation of this technology, “ said Florent Delprat-Jannaud, Head, CCS programe, French Institute of Petroleum.
The cost of direct capture from the air is even higher – up to €335 per tonne of CO2 – because the process requires a lot of energy and CO2 is not highly concentrated in the air.
Nonetheless, according to the International Energy Agency (IEA), costs for facilities benefiting from large renewable energy resources could fall below €100 per tonne by 2030.
And it takes a long time to make storage locations operational. “You’ve got to collect a lot of data to have enough confidence in a site; all in all, it can take about a decade,” said Le Guénan.
