Xodus Pegs Asia Pacific CCUS Market at Up to USD 255 Billion by 2035
Energy consultancy Xodus estimates the Asia Pacific carbon capture, utilization and storage (CCUS) market could reach as much as GBP 187.8 billion (USD 255 billion) by 2035 under an accelerated deployment scenario, according to a regional assessment reported by World Oil.
The study frames the opportunity against the region's emissions footprint. Xodus said the Asia Pacific area covered by the assessment accounts for more than half of global carbon dioxide emissions, giving it outsized weight in any scenario for carbon capture, CO2 transport and geological storage.
Cross-border trade in captured CO2 is central to the higher-ambition case. Under Xodus' more ambitious deployment scenario, seven countries could export roughly 83 million tonnes of CO2 per year by 2030, rising to nine exporting countries and 145 million tonnes annually by 2035.
Xodus cautioned that the headline figures depend on clearing several hurdles. The consultancy said regulatory, commercial and technical barriers must be addressed for CCUS projects in the region to advance.
Source: worldoil.com (opens in a new tab)1 sourcePermalink