Global Carbon Capture Reaches Critical Scale
The world's carbon capture projects have collectively surpassed 50 million tonnes of annual CO₂ removal capacity according to the International Energy Agency's latest CCUS Projects Database. This milestone represents significant progress in scaling technology essential for meeting climate targets, with current operational capacity removing emissions equivalent to 10 million cars annually.
Breakthrough Projects Accelerate Deployment
2024 witnessed several industry firsts: China launched the world's first cement plant CCS facility, Australia activated large-scale storage in depleted gas fields, and Sweden approved the largest carbon removal project to date. The UK also greenlit its first natural gas power plant with carbon capture technology. "These aren't just pilots anymore - we're seeing commercial-scale deployment," noted IEA analyst Mathilde Fajardy.
2030 Projections Show Exponential Growth
With over 430 million tonnes of capture capacity and 670 million tonnes of storage capacity projected by 2030, the pipeline has grown 10% year-on-year. Notably, 60% of upcoming projects are now in advanced development stages. While natural gas processing remains the dominant application (60% of current capacity), hydrogen production and industrial decarbonization projects constitute over half the future pipeline.
Financing and Market Innovations
Key developments include the world's first project-financed CCUS initiative in the UK and record carbon credit purchases. Voluntary markets secured nearly 6 million tonnes of removal credits in 2024 - double 2023 volumes - providing critical revenue certainty for developers. Major tech companies are exploring CCUS-equipped power plants for data centers, with Baker Hughes and Frontier Infrastructure recently announcing a partnership.
Regional Shifts and Challenges
While North America and Europe host 80% of planned capacity, China and the Middle East are rapidly expanding their foothold, accounting for 25% of projects under construction. Supply chain limitations pose emerging challenges as bespoke manufacturing struggles to meet demand. Indonesia, Brazil and Japan have enacted new CCS regulations to accelerate deployment.