Carbon management solutions should be a crucial component of any emissions reduction strategy, alongside renewables and electrification, to achieve a successful transition to a more sustainable, climate-neutral growth by the middle of the century.
There are two ways to manage carbon emissions. Carbon dioxide (CO2) emissions can be captured, stored, and/or used in clean energy technologies, afforestation, and other nature-based approaches to improve industrial and biological processes.
Use and Storage of Carbon Captured is one of the Carbon Management Solutions
Engineered solutions try to use technology to reduce anthropogenic outputs of CO2. Carbon Capture, Use, and Storage is one such technology (CCUS).
The procedure involves capturing CO2 emissions from heavy industries, such as the production of steel and cement, as well as from the production of hydrocarbons, coal, and natural gas.
The majority of CCUS plants in the Arab region are connected to the processing of natural gas and are made profitable by increased oil recovery (EOR). By combining CO2 streams for energy production, waste management, and product manufacturing, CCUS can potentially result in the development of industry clusters. It’s one of the most important carbon management solutions that recently entered into force.
What is the Position of Official International Organizations on CCUS?
Key international organizations point to the relevance of CCUS as a crucial answer to emissions reduction, attaining net-zero climate plans, and creating carbon management solutions despite commercial barriers and challenges with public acceptance.
Currently, annual carbon capture amounts to roughly 40 million metric tons (Mt). However, the Circular Economy Arabia estimates that CCUS deployment needs reach 5.6 Gigatonnes (Gt) of CO2 to meet climate objectives, or a fifth of the required emissions cuts by 2050. However, you can contact CEA immediately to learn more.
Without CCUS, the price of energy sector transitions could climb by more than 70%, and as was noted during the activities of organizations concerned with the circular economy in UAE, some nations see CCUS as a “mitigation and adaptation” technology.
Are There any Obstacles Facing Carbon Management Solutions?
Despite recent advancements in the deployment of CCUS facilities, numerous industry-scale CCUS projects will need to start up in order to permanently store or use carbon dioxide, support the introduction of new energy sources like hydrogen, and cut the amount of carbon dioxide emissions that renewable energy sources and nuclear power cannot eliminate on their own.
Reaching economies of scale for CCUS still faces a number of challenges. Large upfront expenses, energy penalties, subpar market signals, legal obstacles, and a lack of public acceptance owing to safety and other issues are a few of these. These issues can be solved by devising innovative incentive schemes, putting a price on carbon, stepping up research, development, and deployment (RD&D), and enforcing laws that deal with CCUS liability issues. The carbon management solutions need to be fast-tracked in order to encourage CCUS investment.
To speed up economy-wide implementation, CCUS initiatives also need far more government funding. Beyond more comprehensive CCUS strategies that give investors more assurance and governments assurances that policy goals will be met at an affordable cost, an international CCUS mechanism set up in co – operation with government entities, market stakeholders, and international organizations could actually assist expand the scope of CCUS policies and help catalyze investment.
What is the Outcome we Hope for?
Over time, a more thorough approach to CCUS and carbon management solutions will improve industry access to sustainable financing, strengthen the stability of the physical financial markets, and increase public understanding and support for the goals of the energy transition and combating climate change in both producer and consumer nations. For a quick, secure, and stable recovery that satisfies cheap energy access and climate goals, it is crucial to reduce the actual and perceived barriers to CCUS by developing comprehensive measures.