Boulder, Colo., December 16, 2009 — As industry and political leaders gather in Copenhagen to discuss future policy related to climate change, one of the most high-profile approaches for the mitigation of greenhouse gas emissions lies in carbon capture and sequestration.
Because emissions from large point sources such as power plants and industrial facilities are a primary driver of GHGs, carbon capture is considered to be a required set of technologies to slow, if not reverse, the expected rise in the earth’s temperature.
According to a new report from Pike Research, under a base-case forecast scenario, global revenues for carbon capture and storage systems could reach $128 billion by 2030.
In a forecast scenario that includes more aggressive assumptions for global climate policy and industry adoption, the clean energy technology market intelligence firm anticipates that the worldwide CCS market could reach as high as $221 billion in the same timeframe. However, the path ahead includes many challenges and barriers for CCS proponents.
“To date, no commercial-scale integrated power plant with CCS exists,” says managing director Clint Wheelock. “What’s more, the addition of CCS systems to both existing and future power plants will likely add between 50 percent and 70 percent to the cost of producing electricity.”
Wheelock adds that one fundamental cause of uncertainty for the emerging CCS economy is the lack of a clear price for carbon emissions. “While these obstacles are significant, however, we expect rapid CCS growth over the next two decades.”
Pike Research’s report, “Carbon Capture and Sequestration”, examines the market issues, technological factors, and opportunities for players in all phases of the CCS industry, from capture technology to transport and storage. It also provides detailed market forecasts for all the major regions of the world, including costs and revenues.