Carbon capture technology will play a key role in future decarbonization
2023/6/19
In a report authored by the company's sustainability research team, the company said that all of the 25 top-earning oil and gas companies in its sample plan to use at least one of CCS, CDR or carbon credits to meet their decarbonization goals.
Carbon Capture and Storage
CCS is a group of technologies that separate carbon dioxide from other gases and then capture and store it in permanent facilities, as defined in the report. This technology can be used in power generation and industry to capture carbon dioxide directly from the production process and transport it through pipelines to long-term geological storage sites. The captured and stored carbon can also be used in the energy sector, for example to extract oil and natural gas from depleted reservoirs. Another use is to produce blue hydrogen by capturing carbon dioxide from steam methane reforming and water-gas conversion reactions.
CCS-based solutions are considered to have "stronger permanent characteristics" than nature-based solutions (NbS) because they are less susceptible to accidental CO2 releases as long as they are "properly managed," according to the report. However, the report says that CCS generally lags behind in terms of technical readiness compared to solutions such as reforestation. Storage is also a major factor in determining decarbonization, as CCS has enough storage capacity to handle "decades of emissions," according to the report.
Among the companies in the sample, CCS capacity accounted for 7 percent of their Scope 1 and Scope 2 emissions last year, with most of the activity coming from oil and gas giants in the U.S. and Europe, according to the report. solutions for other companies' emissions.
Only 60 percent of the companies in the sample revealed their expected future capacity and only 56 percent identified the specific investment costs required, while 24 percent said they would use captured CO2 to increase oil recovery, but "these targets are often expressed in a vague manner," the report said.
According to the World Economic Forum, Scope 1 emissions are direct emissions generated by companies through the operation of products they own or control, while Scope 2 emissions are indirect emissions generated by the production of energy purchased by companies.
Carbon Dioxide Removal
As defined in the report, CDR is a set of nature- and technology-based solutions that remove carbon dioxide from the atmosphere and store it permanently on land, in geology or in the oceans. examples of CDR include planting trees in afforestation and reforestation processes, and improving soil quality. The report notes that CDR technologies typically do not directly reduce emissions.
Ninety-two percent of the oil and gas companies in the report's sample plan to use CDR primarily through nature-based solutions, but "a large percentage of companies' disclosures lack detail. The companies in the report focus on afforestation and reforestation solutions.
Technical CDR solutions, such as direct air carbon capture and storage (the removal and storage of carbon from ambient air), are at an early stage of development and "technical and economic challenges remain to be overcome," according to the report.
Broad range of estimates
The range of life-cycle cost estimates for all decarbonization solutions in the report is broad, showing "the state of technology readiness, specific applications, and uncertainties involved. In addition, the report says that CCS and CDR may have other environmental consequences, such as increased water demand on ecosystems.
According to the report, "In summary, large oil and gas companies are exploring different business models for carbon capture, which may include sequestering emissions from other corporate activities, without necessarily capturing their own emissions." In addition, Standard & Poor's Global Ratings said that CCS investments are "prudent and affordable" for large companies, but "not transformative.
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