The International Energy Agency (IEA) has released a report on the current state of carbon management, highlighting both progress and challenges in reducing carbon emissions. The report, published by the Carbon Capture, Utilization and Storage (CCUS) unit of the IEA, is part of the larger Tracking Clean Energy Progress 2023 report.
According to the report, there has been significant growth in the carbon capture sector, with over 500 new projects underway. Project developers have committed to having 50 new facilities operational by 2030, with the capacity to capture up to 125 million tons of CO2 annually. However, the deployment of carbon management technologies is still far below the estimated capacity needed to reach net-zero emissions by mid-century, which is 1.2 gigatons of carbon dioxide per year.
The report also highlights the importance of carbon dioxide removal (CDR) efforts, particularly in light of the Intergovernmental Panel on Climate Change’s (IPCC) emphasis on reducing emissions and removing residual CO2 from the atmosphere. Technological solutions like direct air capture (DAC) are gaining attention, with 130 new DAC facilities expected to join the existing 27 by 2030, aiming to remove 75 million tons of CO2 annually.
However, other solutions like Bioenergy with carbon capture and storage (BECCS) are falling behind. The report predicts that BECCS will only remove 50 million tons of CO2 per year by 2030, far below the necessary 190 million tons per year.
The IEA report calls for targeted support for CDR solutions to accelerate progress in carbon management. The report emphasizes the need for greater investment and development in technologies like DAC and BECCS to achieve significant reductions in CO2 emissions.
Overall, while there has been momentum in the carbon capture space, the report highlights the gap between current deployment and the scale needed to reach climate goals. Increased efforts and support for carbon management technologies, particularly CDR solutions, are crucial to effectively combat climate change and achieve a net-zero future.