Carbon Capture Boom: 100 CO2 Capture Projects, $56 Billion in a Decade
No fewer than 100 large-scale carbon capture and storage projects within about a decade, at a cost of some $56 billion — that’s what International Energy Agency chief Nobuo Tanaka said the world needs in order to help address climate change, according to Reuters.
At the Carbon Sequestration Leadership Forum, a conference of energy ministers taking place this week in London, Tanaka called for 850 CCS projects by 2030 and 3,400 by 2050, with a total investment of more than $700 billion over the next three decades. Those are huge numbers for an experimental technology that has yet to be proven at industrial scale.
The next decade represents a “key ‘make or break’ period” for carbon capture and storage technology, according to a 52-page CCS “Technology Roadmap” out today from the International Energy Agency, and it could open significant opportunities for startups. While large established power companies will likely dominate industrial storage projects, startups with novel chemical conversion technologies like GreatPoint Energy, and startups that recycle the carbon, like algae fuel firms like Solazyme, will likely benefit from the intergovernmental agency’s call to arms.