I recently attended the CCUS conference at Houston, TX and left really excited for the challenges ahead and the work we need to get done. Here are my key takeaways:
🔹 Total energy consumption is expected to rise from 638 QBTU (2022) to 855 QBTUs by 2050, emphasizing the need for a comprehensive energy mix, including coal, natural gas, liquids, renewables, and whatnot (EIA, 2023). We need everything we have to fulfill energy demand!
🔹 CCUS plays a crucial role in decarbonizing the energy sector, as it's the 2nd largest contributor to achieving net zero emissions, after wind & solar. In fact, there is no net zero emissions (NZT) without CCUS!
🔹 To meet 2030 NTZ goals, we need to commission 10 new CCUS facilities each month, equivalent to 1224 mmtpa (currently at 43 mmtpa) (EIA, 2022).
🔹 While technical readiness is not an issue (many projects worldwide have been capturing, transporting, and sequestering CO2 for decades), economic challenges persist. The business case needs to be strengthened, and policymaking must play a significant role in activating the market in the early stages.
🔹 Capital (public and private) is being deployed at an accelerated pace to drive innovation and cost reduction, but a firm policy and carbon credit market are necessary to activate the industry and deploy the necessary private capital to achieve climate goals.
As a student working in the energy field, I find it fascinating to be part of this inflection point for CCUS and the energy transition. I'm inspired to continue contributing to the development of this critical industry. #CCUS2024 #energytransition #climatechange
And that's a wrap from Houston! Thank you to every attendee, speaker, exhibitor, and sponsor for making the fourth edition of the Carbon Capture, Utilization, and Storage (CCUS) event such a great success. #CCUS2024
Society of Petroleum Engineers International
American Association of Petroleum Geologists (AAPG)
SEG
Superintendente de Proyectos
2moExcelente