Carbon Capture and Storage (CCS) is a technology which isolates or ‘captures’ CO2 from the flue gas of power plants, steel works or other large industrial point sources and then transports it to a suitable storage location in a deep geological structure where is can be kept isolated from the atmosphere.
CCS can significantly reduce the emission of CO2, the main greenhouse gas responsible for global warming, into the atmosphere and is one of a number of crucial technologies for combating climate change. It captures emissions from the power sector (either using gas, coal or biomass as a fuel), and is the only way of substantially reducing the emissions in the industrial sector (steel, iron, cement, chemical, fertilisers, ethanol, gas processing, paper, etc.).
The successful deployment of this technology will allow the creation of sustainable and flexible industrial opportunities. It is expected that this technology will have a large market opportunity, as it will allow Europe to have an environmentally and economically sustainable industrial base, allowing job retention and creation in multiple industrial areas within Europe.
The latest IEA’s Technology Roadmap: Carbon Capture and Storage indicates that without CCS the cost of meeting Europe’s climate change targets by 2050 would significantly increase, by over 40% in the power sector alone (largely due to capacity factors and electricity demand profiles), and would be literally ‘priceless’ for most industrial sectors that have no other option than CCS.