CCS to gain momentum in 2023 – ING

US takes lead in emerging sector as enhanced policy support drives growth

Global deployment of carbon capture and storage (CCS) technology is expected to pick up speed in 2023, but growth will not accelerate significantly until 2025, when the completion of more projects is forecast to triple current capacity, according to analysis by Dutch bank ING. Of the CCS projects under development, only three—two in China and one in Australia—are expected to start up in 2023, increasing total operational capacity by 2.3mn t/yr, to 44.9mn t/yr. Operational capacity will rise to 150mn t/yr in 2025 and more than 250mn t/yr in 2030, according to ING’s forecasts, which are based on project announcements. 150bn t/yr – Projected CCS capacity in operation in 2025 Strengtheni