CCUS in the rest of the world
Many nations have realised that without CCUS, lower emissions targets are not realistic.
The Biden administration in the US announced a $A3bn funding package in 2022 to reduce carbon pollution aimed at accelerating CCUS projects capable of storing tens of millions of tonnes of captured CO2. In the UK, the government has established a CCS Cost Challenge Taskforce to provide advice on the steps needed to reduce the cost of deploying CCUS in the UK. The government there hopes to be ready to deploy CCUS on a wide scale by 2030 and beyond.
In Europe, governments are looking at using carbon pricing to stimulate greater uptake of CCUS – with businesses keen to reduce the amount of taxable carbon they emit by instead sending it underground through CCUS. Meanwhile in Asia, China’s plan to attain carbon neutrality will drive the development of large-scale CCUS technology in the region, with Japan and South Korea also cementing relationships with neighbours – including CO2CRC – to share knowledge and encourage investment.