https://priceofoil.org/2023/11/29/ccs-data/

Summary

• Governments have spent over $20 billion – and have approved up to $200 billion more – of public money on carbon capture and storage (CCS), providing a lifeline for the fossil fuel industry.
• 79% of operating carbon capture capacity globally sends captured CO₂ to produce more oil (via Enhanced Oil Recovery).
• Many of the largest CCS projects in the world overpromise and under-deliver, operating far below capacity.

Carbon, Capture, Utilization, and Storage (CCS or CCUS) has a 50-year history of failure. CCS is often presented as a new technology to reduce carbon dioxide (CO₂) emissions by trapping CO₂ from a smokestack or directly from the air and then injecting it into the ground for storage. In fact, CCS was first developed in the 1970s to enhance oil production, and increased oil production remains its primary use. Oil Change International research finds that 79% of operating carbon capture capacity globally sends captured CO₂ to produce more oil (via Enhanced Oil Recovery).

The story of CCS as a method to reduce CO₂ emissions is one of overpromising and under-delivering. Analysis after analysis has concluded that CCS is not a climate solution. In September 2023, the International Energy Agency noted that: “The history of CCUS has largely been one of “underperformance” and “unmet expectations.”

Yet Big Oil consistently tells us that CCS is central to the fight against climate change. Chevron, for example, says that CCS will make a “lower carbon future possible.”

In the run-up to COP28 in the United Arab Emirates, the oil industry and many governments are ramping up their promotion of CCS as an integral part of the collective response to climate change. There has been a flurry of renewed government commitments, conferences, and new industry initiatives, coupled with continuing misinformation. Governments around the world have spent over $20 billion – and have approved up to $200 billion more – of public money on CCS, providing a lifeline for the fossil fuel industry.

In October 2023, ADNOC, the Abu Dhabi National Oil Company, whose CEO, Sultan Al Jaber, is the COP28 President, announced that it planned to double its CCS capacity to 10 million tonnes per year. But ADNOC’s existing flagship CCS project, which is supposed to capture emissions from a steel plant, is only designed to capture around 17% of that plant’s maximum CO₂ pollution. Furthermore, there is no publicly available information about how much CO2 it has actually captured. What the CCS project does capture is used to increase oil production, leading to more emissions when burned.

As governments prepare to spend up to $200 million of public money on CCS, it must be clear: CCS is a lifeline for the fossil fuel industry, not people and planet.

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Subsidies

Governments have spent over $20 billion – and have legislated or announced policies that could spend up to $200 billion more – of public money on CCS, providing a lifeline for the fossil fuel industry.

Key facts

• Ten governments have already spent at least $22 billion on CCS and Fossil-Hydrogen.
• This number is likely very conservative due to a shocking lack of transparency on government subsidies and tax credits.
• Twelve governments have approved policies that could funnel up to $200 billion more toward CCS and Hydrogen.

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Carbon Capture Serves Oil and Gas Production

A Majority of Carbon Capture Projects Serve To Produce More Oil and Gas, Not Reduce Emissions

Data from our project’s database and analysis from leading experts such as IEEFA and others show that the majority of carbon capture (CCS) projects exist only to enable oil and gas production and fail to reduce overall emissions.

Key facts

• 79% of operating carbon capture capacity globally sends captured CO₂ to produce more oil (via Enhanced Oil Recovery)
• 67% of operating carbon capture capacity globally captures emissions from processing CO₂-rich gas.

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Read this article at https://priceofoil.org/2023/11/29/ccs-data/