The 2016 Paris Agreement sets a global goal of achieving net zero emissions by 2050, and companies have been experimenting with innovative technologies to reach their individual goals. One such technology that is quite promising is carbon capture and storage.
As part of the Circular Carbon Economy (CCE), this technology allows manufacturers to recover carbon at emission points, or chimneys, and use chemical oxidation processes to trap carbon dioxide to produce fuels, plastic parts and soda ash. Can be reused. , Food and drink, building materials, agriculture. The captured carbon is stacked and stored deep in strata such as exploited oil and gas wells.
Debasish Mishra, Deloitte’s partner in India, said: “Renewable energy alone is not believed to meet the goals of the Paris Agreement. Carbon capture at manufacturing plants is compulsory as companies are considering options to avoid carbon taxes. Will be. ”Some of the major Indian companies using or planning to use carbon capture technology Reliance Industries (((RIL), Unilever, and Dalmia Barrat..
In July 2020, RIL announced that it had made substantial progress in converting CO2 into recyclable resources rather than being released as waste. “We have already made great strides in the photosynthetic biological pathways for converting CO2 emissions in Jamnagar into high-value proteins, dietary supplements, advanced materials and fuels,” he said. Mukesh Ambani said. “RIL is also planning to develop next-generation carbon capture and storage technologies, evaluating new catalytic and electrochemical conversions for the use of CO2 as a valuable raw material,” he said. rice field.
Mahendra Singhi, MD of Dalmia Bharat, told FE: When that happens, we will approach the Green Climate Fund or IFC to implement the project throughout the cement plant. Emphasizing that cement plants in the United Kingdom, Sweden and Norway are 100% funded for such projects, he adds: However, we will move on even if support is not realized. “
Like other new technologies, the cost of recovering carbon dioxide is now exorbitant ($ 45-50 per ton), but is significantly lower than $ 250 per ton in 2004. Experts say the cost will be even lower, as well as the price of solar, and Deloitte’s Mishra emphasizes that much research and adoption is being done in the areas of Scandinavian countries.
The IEA estimates released in 2020 show that total carbon capture by the steel, bioenergy carbon capture and storage (BECCS), cement, and chemical sectors will increase to 527 metric tons by 2030, a five-fold increase. There is likely to be. It will reach 2,831 metric tons by 2050. Cement and chemicals are projected to account for the largest CO2 traps by 2050, at 49% and 33.8%, respectively.
Aniruddha Sharma, co-founder and CEO of London-based Carbon Clean, is a provider of carbon tech solutions to companies such as Unilever, which produces and consumes only 55% of global emissions. , The remaining 45% is the manufacture of goods. These industrial CO2 emissions need to be reduced by almost half by 2030 to reach our global goals. “The circular carbon economy can eliminate the other half of greenhouse gas emissions by recovering and reusing 9.3 billion metric tons of CO2 projected by 2050. The 2050 target,” he said. Says.
Carbon Recovery and Storage: Another Arrow in the Green Quiver
https://www.financialexpress.com/industry/carbon-capture-and-storage-another-arrow-in-the-green-quiver/2356116/ Carbon Recovery and Storage: Another Arrow in the Green Quiver