Europe could see $35bn in CCS spending till 2035, with most capacity coming in the UK


OSLO — It’s been a long and costly two decades of carbon capture and storage (CCS) studies and test centers. Now Europe has reached a stage where big-scale developments make financial sense and could trigger up to $35 billion in development spending until 2035 — by which time as much as 75 million tons of CO2 could be captured and stored per year on the continent, a Rystad Energy analysis shows.

In Europe alone there are around 10 larger projects, with both carbon capture and storage, that are planned and have a high chance of being operational by 2035. Most of them are located around the North Sea in Norway, the UK, Denmark and Netherlands, but there are also projects on the drawing board in Ireland and Italy.

Although most of the projects are expected to be on-line from the middle of this decade, investments and contracts awarded to suppliers will already start to grow significantly from 2021–2023, as most projects have a development timeline of three to five years. Total capital investment for these projects is expected to reach $30 billion, in addition to operational expenditure totaling $5 billion until 2035.



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