BOSTON, May 13, 2024
/PRNewswire/ -- Carbon dioxide
removal (CDR) will be needed to reach any international net zero
emission targets and avoid global warming beyond 1.5-2°C. Negative
emissions technologies (NETs), especially those that go beyond
nature-based approaches to provide long-lasting scalable
CO2 removals, have therefore been receiving increased
support through government policy and voluntary carbon credit
purchases from corporations with ambitious climate goals. IDTechEx
predicts that by 2044, the world's capacity for such durable,
engineered CO2 removals will exceed 630 megatonnes per
annum.
The new IDTechEx report, "Carbon Dioxide Removal (CDR)
2024-2044: Carbon Credit Markets, Technologies, Players, and
Forecasts", provides a comprehensive outlook of the emerging CDR
industry and carbon credit markets, with an in-depth analysis of
the technological, economic, regulatory, and environmental aspects
that are shaping this market. In it, IDTechEx focuses on
technologies that actively draw CO₂ from the atmosphere and
sequester it into carbon sinks, namely:
- Direct air carbon capture and storage (DACCS), which leverages
chemical processes to capture CO₂ directly from the air and
sequester it in geologic formations or durable products.
- Biomass with carbon removal and storage (BiCRS), which involves
strategies that use biomass to remove CO2 from the
atmosphere and store it underground or in long-lived products. It
includes approaches such as BECCS (bioenergy with carbon capture
and storage), biochar, biomass burial, and bio-oil underground
injection.
- Nature-based CDR methods that leverage biological
processes to increase carbon stocks in soils, forests, and other
terrestrial ecosystems, i.e., afforestation/reforestation and soil
carbon sequestration techniques.
- Mineralization NETs that enhance natural mineral processes that
permanently bind CO₂ from the atmosphere with rocks through
enhanced rock weathering, carbonation of mineral wastes, and oxide
looping.
- Ocean-based CDR methods that strengthen the ocean carbon
pump through ocean alkalinity enhancement, direct ocean capture,
artificial upwelling/downwelling, coastal blue carbon, algae
cultivation/marine seaweed sinking, and ocean fertilization.
TRL (technology readiness level) chart of carbon dioxide
removal technologies covered in the IDTechEx report. Source:
IDTechEx
These CDR technologies are at vastly different stages of
readiness. Some are nearly ready for large-scale deployment, while
others require basic scientific research and further field
trials.
Durable, engineered removals versus nature-based CDR
solutions
Afforestation/reforestation solutions have historically
dominated the supply of CDR due to their low cost and high
maturity. However, demand for this type of removal carbon credit
has been dropping in voluntary markets over the past few years due
to several high-profile scandals and the low durability/permanence
associated with nature-based CDR. Instead, corporate buyers have
increasingly turned towards highly durable, engineered carbon
removal credits generated from approaches such as DACCS and BECCS.
These removals offer credible climate action but have a high price
tag and are in short supply. Most durable engineered approaches are
yet to be included in compliance markets and, therefore, rely on
pre-purchases from corporate buyers for early-stage commercial
development.
The new IDTechEx report, "Carbon Dioxide Removal (CDR)
2024-2044: Carbon Credit Markets, Technologies, Players, and
Forecasts", provides insights into the most promising technologies
being developed in CDR, highlighting the pros and cons of each
method, examining key drivers and barriers for growth, and
comparing the removal potential, capture cost, and durability of
all technologies. Despite capacity currently being limited, there
has been much interest in DACCS as a solution to permanently remove
CO₂ from the atmosphere and reverse climate change. DACCS is
immediate, measurable, allows for permanent storage, can be located
practically anywhere, is likely to cause minimal ecosystem impacts,
and can achieve large-scale removals.
However, the rate at which DACCS can be scaled up is likely a
limiting factor. The challenges of deploying DACCS include the
large energy inputs (requiring substantial low-carbon energy
resources), the high cost, and the sorbent requirements. The
industry is aiming for the ambitious target of gigatonne-scale of
DACCS removals by 2050. To make this happen, corporate action,
investments, policy shapers, and regulatory guidelines need to come
together to bring down the costs.
Although BECCS is currently the most mature and widely deployed
durable engineered CDR technology, scale-up has historically been
slow, and planned capacity is modest. Despite the technologies
behind BECCS being relatively mature, there is a risk that using
biomass for CO₂ removal and storage may compete with agricultural
land and water or negatively impact biodiversity and conservation.
IDTechEx analysis has indicated that BECCS has a large potential to
contribute to climate change mitigation, though not at the scale
assumed in some models due to economic and environmental risk
factors.
Comprehensive analysis and market forecasts
IDTechEx's "Carbon Dioxide Removal (CDR) 2024-2044: Carbon
Credit Markets, Technologies, Players, and Forecasts"
report assesses the CDR carbon credit market in detail,
evaluating the different technologies, latest advancements, and
potential adoption drivers and barriers. The report also includes a
granular forecast until 2044 for the deployment of nine NET
categories (DACCS, BECCS, biochar, biomass burial, direct ocean
capture, ocean alkalinity enhancement, seaweed sinking, enhanced
rock weathering, and carbonation of minerals) alongside exclusive
analysis and interview-based company profiles.
Some of the key questions answered in this report:
- What are the requirements (energy, land,
water, feedstocks, supply chain) for the deployment of CDR
methods?
- What is the climate impact of implementing CDR on a large
scale?
- Which gaps (technological, regulatory, business model) need to
be addressed to enable each NET?
- What is the status of CDR within compliance markets and
voluntary carbon credit markets, and what is the market
potential?
- What are the key drivers and hurdles for CDR market
growth?
- How much do CDR solutions cost today and may cost in the
future?
- Who are the key players in the CDR space?
- What is needed to further develop the CDR sector?
To find out more about this report, including downloadable
sample pages, please visit www.IDTechEx.com/CDR.
For the full portfolio of energy and decarbonization market
research from IDTechEx, please see
www.IDTechEx.com/Research/Energy.
Upcoming free-to-attend webinar
Carbon Credit Markets: The Rise of Durable, Engineered,
Carbon Dioxide Removal Technologies
Eve Pope, Technology Analyst at
IDTechEx and author of this article, will be presenting a
free-to-attend webinar on the topic on Wednesday 5 June 2024 - Carbon Credit Markets: The Rise
of Durable, Engineered, Carbon Dioxide Removal Technologies.
This webinar will reveal insights into the CDR space, and its
content includes:
- Importance of carbon dioxide removal in reaching global
net-zero emissions targets.
- Overview of all negative emission technologies (NETs): Direct
air carbon capture and storage (DACCS), Biomass with carbon removal
and storage (BiCRS), Nature-based CDR methods, Mineralization NETs,
and ocean-based CDR approaches
- Contextualization of CDR within carbon markets and how
voluntary carbon credits are accelerating NETs in the
short-term
- Identifying the key factors driving the market pivot from
nature-based solutions such as afforestation/reforestation to
durable, engineered, CDR approaches
- Discussion of environmental, technical, and economic
drivers/barriers for DACCS and BECCS
Please click here to check timings and register for your
specific time zone.
If you are unable to make the date, please register anyway to
receive the links to the on-demand recording (available for a
limited time) and webinar slides as soon as they are available.
About IDTechEx:
IDTechEx provides trusted independent
research on emerging technologies and their markets. Since
1999, we have been helping our clients to understand new
technologies, their supply chains, market requirements,
opportunities and forecasts. For more information,
contact research@IDTechEx.com or
visit www.IDTechEx.com.
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