Carbon capture, utilization, and storage (CCUS) is a technology that has been gaining traction in recent years as a way to mitigate the effects of climate change. McKinsey & Company, a global management consulting firm, has been at the forefront of developing strategies for capturing, using, and storing gigatons of CO2.
What is CCUS?
CCUS is a process that involves capturing carbon dioxide (CO2) emissions from industrial processes or power plants, utilizing the captured CO2 for various purposes, and storing the remaining CO2 in underground geological formations. The goal of CCUS is to reduce the amount of CO2 released into the atmosphere, which is a major contributor to climate change.
Capturing CO2
The first step in CCUS is capturing CO2 emissions from industrial processes or power plants. McKinsey has developed several strategies for capturing CO2, including post-combustion capture, pre-combustion capture, and oxy-fuel combustion.
Post-combustion capture involves capturing CO2 from the flue gas emitted by power plants or industrial processes after combustion has occurred. Pre-combustion capture involves capturing CO2 before combustion occurs by converting fossil fuels into a gas that can be separated into hydrogen and CO2. Oxy-fuel combustion involves burning fossil fuels in an oxygen-rich environment, which produces a flue gas that is mostly CO2.
Using CO2
Once CO2 has been captured, it can be utilized for various purposes. McKinsey has identified several potential uses for captured CO2, including enhanced oil recovery (EOR), production of chemicals and materials, and carbonation of concrete.
EOR involves injecting CO2 into oil reservoirs to increase the amount of oil that can be extracted. This process not only increases oil production but also stores CO2 underground. The production of chemicals and materials using CO2 involves using captured CO2 as a feedstock for the production of chemicals and materials such as plastics, fertilizers, and building materials. Carbonation of concrete involves using CO2 to produce a more sustainable form of concrete that absorbs CO2 from the atmosphere.
Storing CO2
The final step in CCUS is storing the remaining CO2 underground in geological formations such as depleted oil and gas reservoirs, saline formations, and unmineable coal seams. McKinsey has identified several factors that are critical to the success of CO2 storage, including site selection, monitoring and verification, and regulatory frameworks.
Site selection involves identifying suitable geological formations for CO2 storage based on factors such as geology, proximity to CO2 sources, and potential risks. Monitoring and verification involves monitoring the stored CO2 to ensure that it remains underground and does not leak into the atmosphere. Regulatory frameworks are necessary to ensure that CO2 storage is safe and effective and to provide incentives for companies to invest in CCUS.
Conclusion
CCUS is a promising technology for mitigating the effects of climate change by capturing, utilizing, and storing gigatons of CO2. McKinsey & Company has developed strategies for each step of the CCUS process, including capturing CO2, utilizing it for various purposes, and storing it underground. With continued investment and innovation, CCUS has the potential to play a significant role in reducing greenhouse gas emissions and addressing climate change.
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