The photo is sourced from jpt.spe.org
Both parties are going to assess possibility of monetising the CO2 chain, and seek for new solutions for the carbon dioxide capture and transportation. The project may contribute to achieving carbon neutrality by Japan by 2050. Japanese Natural Resources and Energy Agency stresses that it is impossible without saving from 120 million to 240 million tons of CO2 emissions per year in the country. Involvement in this initiative will allow Malaysia to become a major regional CO2 storage hub, which in the future may attract interest of the carbon-intensive producers from the other South and East Asian countries.
There are sound reasons for underwater CO2 storage to become one of the most promising sectors of the carbon dioxide capture, utilisation and storage (CCUS) industry. INEOS, Linde, LyondellBasell and eleven other companies are going to implement a large-scale project in this area in the Houston industrial area. Carbon dioxide from the refineries and the petrochemical plants will be pumped into the underwater storage facility in the Gulf of Mexico. Capacity of the CCUS hub worth $100 billion will be 100 million tons of CO2 by 2040, which is equivalent to annual emissions of 45 million passenger cars.
The Rystad Energy forecasts global CO2 capture capacity increase from the current 45 million tons per year to 550 million tons in 2030. The main contribution to this growth will be made by the European countries where the capacity volume during this period will increase from 7 million tons to 222 million tons. The projects in non-resource carbon-intensive industries, including power industry and cement production, are sure to play an important role. For example, HeidelbergCement, Germany and Norcem, its subsidiary, will commission a CCUS complex in the Norwegian city of Brevik by 2024 with the capacity of 400,000 tons of carbon dioxide per year, and the British Drax by 2030 will build two CO2-capturing plants at the biomass power plant in North Yorkshire, England.