Carbon Capture and Storage (CCS), a promising decarbonization method, requires a value chain for CO2 transport and storage to serve estimated future demands. DNV’s Mathias Sørhaug surveys the status, challenges and opportunities of CO2 shipping within the CCS value chain featuring key insights from energy company Equinor and Athens-based shipowner and mid-stream service company ECOLOG.

The International Energy Agency (IEA) estimates in its Net-Zero Roadmap that to achieve the 1.5°C global warming limit set by the Paris Agreement, we need to capture 7.6 billion tons of CO2 annually by 2050. In its July 2023 update, the Global CCS Institute (GCCSI) reports that current CCS projects in operation can capture and store about 50 megatons of CO2 annually. This implies that from 2023 to 2050, CCS capacity must increase at least 100 times to capture the projected 7.6 billion tons of CO2.

CCS emerges as a crucial technology in Europe’s green shift

In Europe, CCS is listed as one of the key green shift technologies in the Net-Zero Industry Act of March 2023 and many projects have received innovation funding. The GCCSI highlights a 48% increase in CO2 capture projects just in the 12 months from 2022 to 2023, which is a very positive indicator for the future. However, very few…