Carbon capture and storage (CCS) technologies are expected to play a significant role in reducing emissions from energy and industry over the coming decades, including from existing facilities. CCS technology will also be needed to deliver "negative emissions" in the second half of the century to reach global CO2 emission reduction goals. However, the current rate of CCS deployment is well below what is needed to meet these targets.
About 540 megatonnes of CO2 would need to be stored each year by 2025 under the IEA’s Energy Technology Perspectives 2DS scenario, which describes a pathway consistent with a maximum global average temperature increase of 2°C. Today, only 28 megatonnes of CO2 are stored, with just 7.5 megatonnes that are monitored and verified. This massive gap dramatically highlights the need to intensify efforts to market the technology.
One way of making CO2 capture and storage more economically attractive – while at the same time contributing to energy security – is to use captured CO2 to maximise production from declining oil fields, a process known as enhanced oil recovery (EOR). Today, more than three-quarters of all large-scale CCS projects currently operating or under construction are associated with EOR.