CARBON CAPTURE, UTILISATION AND STORAGE (CCUS)
Carbon capture technologies are looked up to as the most significant technology to rely upon during the transition economy. The occurrence of innovation amongst these sectors is soaring, with unprecedented fund allocation, and are all set to scale.More than 100 new CCUS facilities were announced in 2021, and new climate goals and investment incentives providing significant impetus for funding this sector.
To reach the net zero by 2050 scenario proposed by the International Energy Agency, CCUS technologies will have to deploy 1.7 billion tonnes of CO2 capture capacity by 2030, starting from an annual base of 40 Mt of CO2 today. S&P Global forecasts that the Middle East could become the world's leading region to capture carbon dioxide for future use in enhanced oil recovery or for storage. Mitsubishi Heavy Industries Ltd. has forecasted the market to be 50 million mt/year in a decade in the Middle East, led by steps taken by the UAE and Saudi Arabia.
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