CO2 Capture to Address Climate Change: Global CCUS Capacity Could Reach the Levels Needed for the Net Zero Emissions Scenario by 2030

PRESS RELEASE/OPEN LETTER from AFRY
June 2024

This is an automated translation of the original release published in Spanish.

The fight against Climate Change is, without a doubt, one of the greatest challenges of our era. We are probably the first generation to feel its effects and the last that has the possibility of generating the changes necessary to preserve our planet for future generations. In this context, the capture, storage and reuse of carbon dioxide (CCUS) is presented as an efficient solution to mitigate the impacts of industrial activities and actively contribute to the decarbonization process, with a goal of 2050, which Chile is implementing.

Carbon dioxide (CO2) is an inevitable byproduct of many industrial processes, in addition to being one of the main culprits of global warming. To reverse this, it is not only urgent to reduce emissions, but it is also necessary to reuse this gas as raw material for the production of biofuels, polymers and fertilizers, among others. This conversion not only helps reduce the amount of CO2 in the atmosphere, but also creates a cycle of sustainability where waste from one process becomes resources for another.

"We must be able to use technology and focus on innovation to work on all fronts at the same time to move safely and rapidly towards a carbon neutral planet,"
Franklin Canales, Project Manager of AFRY Chile

This technology is a path that many companies in Chile could take to achieve a sustainable future and that is already advancing in the world. According to the International Energy Agency (IEA), CCUS facilities currently capture more than 50 million tons of CO2 annually, with Europe being at the forefront. The European Union has allocated approximately 1.5 billion dollars to CCUS projects, through the Innovation Fund, and more than 500 million to CO2 transport and storage projects, under the Connecting Europe Facility program.

And the figures are even more telling. The Agency also points out that, if all the announced capture capacities are met and the growth trend continues, the global CCUS capacity could reach the levels necessary for the net zero emissions scenario by 2030, with a capture of more than 1,000 million tons of CO2.

Adopting carbon capture and utilization technologies not only reduces net CO2 emissions, but also improves air quality and prevents ocean acidification. It is a benefit for everyone. And in this challenge called climate change, we must be able to use technology and focus on innovation, to work on all fronts at the same time to move safely and rapidly towards a carbon neutral planet.