In the fight against climate change, carbon capture technologies stand as instrumental tools, projected to reduce emissions by 10-18%   —an integral stride towards achieving net-zero emissions by 2050. This strategic reduction is imperative to restrict global warming to a 1.5°C increase, as proposed in the Paris Agreement in 2015.
Presently, the global carbon capture capacity is a modest 46 MtCO2 annually, falling significantly short of the 25 times larger requisites for a net-zero scenario by 2030 , underscoring the urgency of scaling efforts. Bridging this vast disparity demands a concerted, globally coordinated approach, emphasizing the necessity for rigorous advancements in carbon capture technologies.
Public policies play a defining role in steering the trajectory of carbon capture technology. Recent legislative enactments, such as the Inflation Reduction Act (IRA) in the USA, exemplify the transformative impact achievable through targeted policies. The IRA and its rippling effect could lead to an 80% reduction in technology costs for CCUS (Carbon Capture, Use and Storage) and a substantial 30% decrease for DAC (Direct Air Capture) by the decade’s conclusion .
However, it is essential to acknowledge that CCUS comes with additional costs and energy requirements and should not be seen as a standalone solution. The decarbonization of the global economy will require a multifaceted approach, as no single technology is supposed to deliver all the required solutions. Carbon capture will play a role in reducing emissions in situations where technological substitutions are not feasible for specific processes as well as neutralizing residual emissions through removal solutions.
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 IEA. Energy Technology Perspectives 2023. 2023
 Energy Transitions Commission. Carbon Capture, Utilisation and Storage in the Energy Transition: Vital but Limited. 2022
 IEA. Tracking Carbon Capture and Storage. 2023
 BCG. Impact of IRA, IIJA, CHIPS, and Energy Act of 2020 on Clean Technologies. 2023