The global carbon dioxide removal (CDR) market is projected to reach USD 21.25 billion by 2028, driven by increasing demand for sustainable solutions and rising investments in CDR technologies. Key trends include direct air capture (DAC), carbon capture and storage (CCS), and advancements in bioenergy with CCS. The report highlights market challenges, such as high energy costs for some technologies and the permanence of carbon storage solutions.
FS, a leading ethanol and animal nutrition producer, has completed technical studies confirming the feasibility of injecting carbon dioxide into the subsoil at its Lucas do Rio Verde (MT) facility. This marks a significant milestone as FS aims to become the world’s first ethanol producer with a negative carbon footprint through the implementation of BECCS technology. Once operational, the technology is expected to prevent the release of approximately 423 thousand tons of CO2 into the atmosphere annually. FS plans to invest an additional $100 million to implement the equipment and infrastructure necessary for CO2 capture, dehydration, compression, and injection. The project is expected to create around 230 direct jobs during construction and assembly phases. FS is dedicated to monetizing the project through the sale of carbon credits and awaits the approval of the legal framework by the Brazilian Senate.
Environmental organizations and concerned parties have jointly requested a comprehensive environmental impact assessment (EIA) for a proposed $16.5-billion carbon capture and storage project in Alberta’s oilsands region. The project, proposed by the Pathways Alliance, aims to capture and transport emissions from over 20 oilsands facilities. However, the groups argue that the proposed project’s scale warrants a full-scale EIA rather than the phased evaluation approach currently underway by the Alberta Energy Regulator.
A carbon capture and storage project in Saskatchewan, Canada, has fallen short of its emissions reduction targets, casting doubt on the technology’s cost-effectiveness. According to a report by the Institute for Energy Economics and Financial Analysis, the Boundary Dam project, a coal-fired power plant that began capturing carbon dioxide in 2014, has not consistently met its goal of capturing 90% of emissions. The average capture rate has been approximately 57%, primarily due to technical issues and limited demand for carbon dioxide from the energy industry. While proponents argue that the project has provided valuable experience and lessons for future CCS projects, critics maintain that carbon capture is unlikely to be a cost-effective solution for reducing emissions on a large scale.
Capital Power Corp., an Edmonton-based energy company, has announced the termination of its $2.4-billion carbon capture and storage project at its Genesee natural gas-fired power plant. The decision was made after evaluating the project’s technical viability and economic feasibility, with the company determining that the project was not financially viable at this time. Capital Power remains committed to its goal of achieving net-zero greenhouse gas emissions by 2045 and may explore carbon capture and storage options in the future if economic conditions improve.
