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SLB’s bold approach to a practical and viable carbon abatement solution
CCUS plays a vital role in carbon abatement as one of the few viable decarbonization mechanisms. But it doesn’t come without its challenges. A new market ecosystem needs to be established to overcome the challenges we face today.
Today, the industry is capturing and storing ~40 million metric tons per year. Carbon capture and sequestration are needed at gigaton scale by 2050 to reach net zero.
SLB has been actively involved in CCUS across industries for two decades. Building on our core strengths, we’re able to forge new partnerships across the entire value chain. This means combining the best minds and skillsets—from carbon capture and transport to sequestration—to accelerate decarbonization using large industrial hubs. Through these hubs, emitters can use common transport and sequestration infrastructure. This creates a network that reduces unit costs for all organizations involved and makes CCUS projects more feasible. And using a suite of business models—from technical agreements to joint ventures—we help ensure a successful project.
The right policies and regulatory frameworks are essential for enabling cost-effective CCUS projects.
The Inflation Reduction Act (IRA) in the US provides tax incentives that will give small- to midscale CCUS projects a better chance at becoming economical. In Europe, the revision of the Emissions Trading System (ETS) covers a broader range of sectors and GHG emissions. In Canada, the Emissions Reduction Alberta (ERA) allocates multimillion dollars to carbon capture projects. Australia is also seeing significant policy and budgetary support from the federal government.
SLB’s carbon capture technology addresses different streams of CO2 emissions using a unique, versatile nonaqueous solvent to drive down carbon capture costs.
For more than a century, fossil fuels have been central to economic development, helping build the modern world as we know it. But with climate change and global warming posing existential threats to society, industries across all sectors must find practical and economical ways to decarbonize their operations and their products.Read Article