Switched On
Carbon Capture: Innovation Rises as Investment Stalls
Aug 29, 2024
Carbon capture is experiencing a fascinating transformation, with over $11 billion invested in 2023 but facing a slowdown in 2024. Innovations like Direct Air Capture (DAC) and novel ocean removal techniques are gaining traction. The discussion also dives into the impact of government policies and tax credits on global CCS projects. Surprisingly, whales play a role in carbon capture strategies. As the landscape evolves, the balance between investment, innovation, and environmental implications remains critical.
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Quick takeaways
- Investment in carbon capture technology is experiencing dynamic shifts, particularly influenced by regional policies and shifting corporate demands.
- Direct air capture (DAC) is emerging as a key innovative approach in carbon removal, showcasing potential to meet rising demand despite funding challenges.
Deep dives
Investments in Carbon Capture Technologies
Investment in carbon capture, utilization, and storage (CCUS) technology is experiencing a significant upward trend, driven by rising demands for net zero solutions. In particular, the Middle East has seen dramatic increases in funding, particularly in heavy industries such as cement and steel. The U.S. leads in overall investments, bolstered by government subsidies, although total private investment has dipped due to regulatory uncertainty surrounding tax credits like 45Q. A substantial amount of capacity additions are projected for CCUS, but it is anticipated that approximately 30% of these projects may be canceled, illustrating a complex investment landscape.
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