Carbon Capture & Storage: The “Unattainable” Net-Zero Goal Asia Can Lead On
Kuala Lumpur,Malaysia – Achieving net-zero emissions isn’t simply challenging - it’s unattainable without widespread adoption of Carbon Capture and Storage (CCS) technology,according to Kash Burchett,Global Head of Carbon Removal Technologies at HSBC. Speaking at the recent Energy Asia conference, Burchett underscored CCS as a ”cornerstone decarbonisation technology,” particularly vital for heavy industries like cement where emissions can’t be eliminated through renewable energy or efficiency improvements alone.
While clean electrification is projected to deliver at least 70% of global greenhouse gas abatement by 2050, CCS offers a crucial pathway for sectors resistant to full electrification. This is especially pertinent for the rapidly developing Asia-Pacific (APAC) region, where CCS can facilitate economic growth without derailing climate commitments.(Image: Kash Burchett, Global Head of Carbon Removal Technologies, HSBC)
[Image of Kash Burchett from source article]
A Proven technology, Ready for Scale
Concerns around CCS safety are largely unfounded. The technology isn’t new; CO2 has been safely and effectively stored underground for over 40 years. While risks exist, thay are manageable, with potential leakage quickly identifiable and addressable. This consensus is reflected in policy recommendations from leading institutions and governments worldwide.Asia’s Unique CCS Prospect: A CO2 Trading Hub
However, unlocking CCS’s potential in APAC requires a tailored approach. Unlike north America, the Middle East, and Europe where emitters and storage sites frequently enough coexist, asia faces a geographical disconnect. Nations like Japan, South Korea, Singapore, and Taiwan lack the geological formations needed for large-scale CO2 storage.
This isn’t a roadblock, but an opportunity. Countries like Malaysia, Indonesia, Thailand, and Australia do possess suitable storage capacity. This sets the stage for a cross-border CO2 trading market – mirroring the existing Liquefied Natural Gas (LNG) model – where captured CO2 is shipped between nations, turning emissions reductions into a tradable commodity.
Three Key Steps to Accelerate CCS Deployment
To capitalize on this potential, Burchett outlined three essential steps:
- Robust Legal & Regulatory frameworks: Establishing clear definitions and industry standards is paramount. Malaysia’s recently enacted Carbon Capture, Utilisation and Storage (CCUS) Act serves as a positive example.
- Cross-Border Trade Agreements: Government-level agreements are needed to facilitate the legal shipping of CO2 between countries, fostering regional cooperation on carbon management. Singapore and Indonesia, along with South Korea and Australia/Malaysia, have already begun exploring such partnerships.
- Strategic Government Investment: While long-term sustainability requires private investment, initial CCS projects will likely need government support to demonstrate commercial viability and drive down costs.This initial investment is crucial for scaling the technology.
the path to net-zero is undeniably complex. But as HSBC’s Kash Burchett makes clear,ignoring the potential of Carbon Capture and Storage isn’t an option – especially for a dynamic region like Asia-Pacific poised to lead the charge in a new era of carbon management.
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