How is the CCUS Sector Set to Evolve in the Second Half of 2024? - Ingenious e-Brain

How is the CCUS Sector Set to Evolve in the Second Half of 2024?

Transitioning to electrification and embracing renewable energy are crucial steps toward reducing emissions, but they alone aren’t sufficient to achieve the net-zero goal. Therefore, it is imperative to look for novel technologies and commercially scaled mechanisms that not only extract the already emitted CO2 from industrial and domestic processes but also store and utilize greenhouse gases. Various companies and regulatory bodies globally have been striving to implement carbon capture, utilization, and storage (CCUS) strategies for the past few years; and IeB experts have anticipated 2024 as the year for such significant developments & initiatives. This year, especially the second half, is all about new technology deployment and accelerated maturation of CCUS projects. 

The remaining 2024 will witness key announcements related to the record number of CCUS projects: 

A. The Northern Lights project, initiated in 2021, is set to commercially store the captured CO2 in geologic reservoirs at a rate of 1.5 million tonnes per year, and the first batch of purpose-built pressurized cargo tanks containing liquid CO2 will be delivered in the next few months. 

B. UK regulator North Sea Transition Authority (NSTA) has recently launched a competitive process inviting applications for CO2 appraisal and storage licenses in an area of the English Channel. The licensing offers exclusive rights to explore and evaluate potential carbon dioxide storage sites in the subsea. This effort will persist, bolstering project capacity, with new licensing rounds planned in the US and UK. Also, potential CO2 storage licensing openings will be up in Malaysia and Indonesia, introducing Southeast Asia as the wildcard. 

C. Direct Air Capture (DAC) technology remains at the forefront of discussions for 2024 and beyond, underscoring its enduring significance. Thus, various industries and administrations are diving into this exponentially developing technology.

1. Phase 1 of Stratos, the world’s pioneering global-scale DAC plant with a capacity of 0.5 Mtpa, is on track to finish well ahead of its anticipated 2025 launch date 

2. Climeworks’ Mammoth DAC project is set to become operational in H2 2024 

3. The US Department of Energy will announce further DAC hubs and finalize funding quantities 

Besides offering tailored consulting services around improving organizational efficiency; we’ve launched a proprietary lifecycle assessment (LCA) tool—CarboCompute™— that will revolutionize the sustainability efforts of enterprises worldwide. It offers comprehensive carbon footprint analysis and actionable consulting for reduced environmental impact.

Ingenious e-Brain experts provide the critical data and insights needed to analyze and improve the impact of value projects, as well as seek appropriate business opportunities at speed and scale. We’ve been working with various industry players globally towards different technological fields such as oil & energy, specialty chemicals, polymers, catalysts, packaging, biomaterials, building materials, electronics, automotive, etc., and support many organizations towards CCUS, decarbonization, direct air capture, CO2 valorization, energy transition, recycling, renewable energies, P2X, hydrogen economy (onshore/offshore), green and blue hydrogen, liquid hydrogen, its transportation, e-mobility, e-methanol, fuel cell (FCEVs), EVs, etc. 

Want to explore CCUS strategies, its onshore/offshore evolution, current & announced projects, and how technologies, permitting process, and economics (covering offshore DAC) will evolve over the next 5 to 10 years? What would be the expected level of penetration, and what are the timelines for the tipping point? How can IeB assist businesses in identifying new opportunities that may complement their existing technology expertise, products, and services, thereby potentially boosting their revenues? Either fill out the form below or email our experts at contact@iebrain.com. 

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