![]() These companies have deep track records, proprietary technologies, and economies of scale. Leading engineering, procurement, and construction (EPC) capabilities: Asia boasts world-leading EPC companies and has the world’s largest shipbuilding capacity, with China, South Korea, and Japan holding more than 80 percent of the global market. Most significantly, costs at the storage stage are estimated to be 65 percent lower than the global average (Exhibit 2). In one Southeast Asian offshore basin, unit-abatement costs are comparable to global benchmarks at the capture stage, and the rest of the CCUS value chain is even more cost-efficient. ![]() These characteristics are present in many locations across geographies, such as the onshore Cooper Basin (Australia), onshore Sumatra (Indonesia), offshore Bohai Sea (China), and offshore Gulf of Thailand sites. Several fundamentals required to continue this momentum are present in the region, including:Ĭompetitive cost structure: The CCUS value chain overlaps with the upstream oil and gas industry, where the region has many advantages-mature local supply chains efficiencies in wells delivery established operational, maintenance, and health, safety, and environmental (HSE) practices and proven track records from state-owned and independent oil companies. There are now nine CCUS facilities operating in the region, principally in China and Australia, focused on the sequestration of emissions from natural-gas processing and the chemical sector. Five years ago, only two of 23 operational projects across the world were here, but this number has more than tripled. Asia–Pacific has the fundamentals for successful CCUS developmentĪlthough most global CCUS progress is found outside Asia–Pacific, the region has started to galvanize into action. It is also characterized by inequitable access to viable domestic underground storage, and varying levels of regulatory maturity. To realize its potential, the region needs to deliver exponential growth: at least 450 times its current operational CCUS projects. This article was amended on 14 September 2021 to differentiate the role of Climeworks as builder of the Orca plant capturing CO2, and that of Carbfix which mixes the CO2 with water and pumps it underground to mineralise.However, unlocking CCUS potential in Asia–Pacific is not an easy task. Proponents of so-called carbon capture and storage believe these technologies can become a major tool in the fight against climate change.Ĭritics however argue that the technology is still prohibitively expensive and might take decades to operate at scale. Carbfix says the CO2-water mixture turns to stone in about two years, and hydride of sulphur (HS2), within four months. Then, Carbfix’s process mixes the CO2 with water and injects it at a depth of 1,000 metres into the nearby basalt rock where it is mineralised. Once the filter material is filled with CO2, the collector is closed and the temperature is raised to release the CO2 from the material, after which the highly concentrated gas can be collected. To collect the carbon dioxide, the plant uses fans to draw air into a collector, which has a filter material inside. ![]() The plant cost between US$10 and 15m to build, Bloomberg reported. ![]() According to the US Environmental Protection Agency, that equates to the emissions from about 870 cars. ![]()
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