Global investments in carbon capture and storage projects increased to $6.4 billion in 2022, according to a Saudi expert.
Fatih Yilmaz, an expert in the Climate and Sustainability Program at the King Abdullah Petroleum Studies and Research Center, spoke at a panel discussion on carbon management techniques with the International Energy Forum and the Clean Energy Forum in Riyadh.
Yilmaz highlighted that the average investment in carbon capture projects ranged from $2 billion to $3 billion annually until 2022 and that then there was a jump last year in the rate of investments in the sector.
Yilmaz said that this shows the need to invest in clean hydrogen.
Yilmaz also said that there is a need to reach a capacity to capture and store 8 million tons of CO2 by 2050 in order to stay on track for net-zero carbon emissions goals by 2050. The expert cited a recent study by the International Energy Agency which listed CCUS as one of the seven pillars of achieving net zero by 2050.
Experts participating in the roundtable said that the world needs a new approach to attract investments to scale up carbon capture and storage capacity in order to reach the goals of net zero emissions.
The panel had representatives from across industry, government, and academia. They discussed how to enhance investment momentum in green energy projects in order to reach goals set out to stave off devastating global warming.
It also addressed how large-scale investments can be de-risked through clear and cohesive policies.
“We cannot achieve net zero without carbon capture, and we need to scale up carbon capture and storage over the coming years to deliver it,” said KAPSARC President Fahad Alajlan.
Stressing the importance of the roundtable, Alajlan said such events will allow experts to share their knowledge and identify ways to promote carbon management technologies.