Clean Energy Technology Observatory, Carbon capture utilisation and storage in the European Union : status report on technology development, trends, value chains and markets : 2024

This report provides an overview of the current status, value chains and market positions of carbon capture utilisation and storage (CCUS) technologies in the EU as well as globally. In 2023, the CCUS industry experienced unprecedented growth globally, with all the projects under development summing up to more than 360 Mtpa of CO2 captured. While there are commercially available technologies across all steps of the CCUS chain, work is needed regarding the interconnection of those different steps. The costs of CCUS technologies vary widely depending on the industry, technology, location, plant design and regulatory frameworks in place. According to the review presented here, capture costs lie in the 40-90 EUR/t range for hard-to-abate industries such as cement and the iron and steel sector, while transport costs are within 2-30 EUR/t and storage within 5-35 EUR/t. Taking together Member State and EU funding, the EU was the world leader in public RD&I funding of CCUS technologies in 2022. Within the EU, Germany was the leader, followed by France and Denmark. Global venture capital investment at early stage reached a peak in 2023, with the US attracting most venture capital investment. Lastly, this report shows that new business models are being adopted for the deployment of CCUS projects. While most CCS projects currently in operation follow the full value chain model, issues with this model have resulted more recently in increased traction for partial value chain models, e.g. capture as a service, transport and storage as a service and self-capture with 3rd party offtake.