Carbon capture and storage is one of the most important technologies in the struggle against net-zero carbon emissions by 2050, though it is very challenging and costly. CCS involves capturing carbon dioxide from industrial processes or even directly from the air and storing it underground, preventing its release into the atmosphere. The technology is in a CSP that lowers emissions but has received great attention due to the potential to mitigate climate change impacts.
One flagship project in CCS would be the Northern Lights initiative, located offshore Norway near Bergen. This ambitious venture exemplifies how governments and private sectors are coming together to set up large-scale carbon capture facilities. Carbon dioxide, at Northern Lights, will be captured from industrial sources and stored deep beneath the seabed, effectively removed from the carbon cycle.
The scale of the challenge is sizeable. CCS could account for as much as 16 percent of global reductions at mid-century to reach net zero on current estimates. That would need more than 8 gigatonnes of CO2 per year by 2050 to be captured, equivalent to the total energy-related emissions of the whole Americas today.
The future of CCS, therefore, is heavily littered with economic and logistical challenges. Current technologies all significantly raise operational costs—from capturing carbon emissions from power plants. For example, retrofitting CCS to a US gas-fired power plant could add as much as 54% to electricity costs. Industry processes, on the other hand, face cost barriers of over $100 per ton captured, far over current carbon market prices.
Governmental support and strong regulatory frameworks are also essential reasons for CCS projects to happen. Large state support is being seen in projects such as Northern Lights, including funding for the initial investments and exemption from the storage fee of selected emitters. This incentive is critical to getting an industry off the ground that is still very much in its infancy—in terms of the global capture capacity, at present, only a tiny fraction of the problem is covered by existing facilities.
At best, this puts CCS in competition with other growing renewable energy technologies—solar and wind power—frequently enjoying the twin advantages of being more consumer-friendly in cost and seeing faster rollout rates. While CCS offers a solution for hard-to-abate industrial sectors, how this technology is to scale and be more cost-effective toward mitigation—in comparison with renewables—remains debated.
Looking ahead, several factors will influence the prospects of CCS. Of these, perhaps the most influential driver of the investment may stem from the spread of carbon pricing mechanisms—for instance, through the European Union’s planned introduction of a carbon border adjustment mechanism, which could drive demand for decarbonized commodities, lowering their premium versus traditional peers. Cost reductions stemming from technological advances and economies of scale attained over some time could also make CCS more economical.
In summary, while carbon capture and storage are essential tools against climate change, there are significant challenges to large-scale diffusion. Government support, technological innovation, and market dynamics will define the prospects for CCS to become a deep mitigator of global emissions. As we accelerate towards a net-zero future, CCS remains one of the critical tools in our toolbox to mitigate the effects of climate change and to ensure that we deliver a safe, sustainable environment for generations to come.
This is the pragmatic way to underline how much-diversified investments into solutions delivering climate goals are needed, and among them, technologies like CCS become critical levers in our move toward a more livable, cleaner, and more resilient global economy.