The Asia Pacific Region Is Emerging as a Carbon Capture and Storage Hub | OilPrice.com
The Asia Pacific Region Is Emerging as a Carbon Capture and Storage Hub OilPrice.com
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Introduction
The Asia Pacific (APAC) region is increasingly becoming a significant player in the carbon capture and storage (CCS) sector. Countries in this region are stepping up their decarbonization efforts to meet the Sustainable Development Goals (SDGs), particularly SDG 13, which calls for urgent action to combat climate change and its impacts.
Key Players in the APAC Region
- Australia
- Malaysia
- Indonesia
Investment and Collaboration
The APAC region is expected to attract up to $15 billion in investment in CCUS over the next decade. Cross-border carbon capture and storage initiatives are gaining momentum, with Japan and South Korea forming partnerships with Southeast Asian and Australian companies.
Role of Southeast Asia in CCS
Southeast Asia is emerging as a promising contender in the CCS sector, offering cost-effective CO2 storage options. This has led to alliances between countries like Japan and South Korea with Southeast Asian and Australian players.
Policy Developments
Australia, Malaysia, and Indonesia are making strides in policy developments to become key CO2 storage hubs. They have the potential for CO2 storage in depleted oil and gas reservoirs, infrastructure viability, and supportive regulations.
Challenges and Opportunities
Despite the potential, there are challenges such as unsuitable geological conditions for some countries, regulatory gaps, and the need for more technical expertise. However, the urgency to reduce emissions is driving demand for CO2 storage solutions.
CCUS Project Growth
Last year saw a record number of new CCUS projects in the APAC region, accounting for more than half of the region’s total CO2 capture capacity. East Asia led the project count with China, South Korea, and Japan at the helm.
Conclusion
The race for CO2 mitigation leadership in the APAC region is on. Policymakers are working to close regulatory gaps and create investment-friendly environments. The region with the most cost-effective solutions and clear CO2 storage pathways will lead the way in achieving SDG 13.
Further Information
To learn more about carbon capture and storage in the APAC region, visit Rystad Energy’s CCUS Solution.
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Analysis of the Article
SDGs Addressed in the Article
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 13: Climate Action
Specific Targets Under the SDGs
- SDG 7.2: By 2030, increase substantially the share of renewable energy in the global energy mix.
- SDG 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes.
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
Indicators Mentioned or Implied in the Article
- Indicator for SDG 7.2: The ratio of carbon capture and storage (CCS) projects to the total energy production can be an indicator.
- Indicator for SDG 9.4: The number of CCS projects implemented or in development as a measure of sustainable industry practices.
- Indicator for SDG 13.2: The number of policies or regulations adopted to promote CCS can be an indicator.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase substantially the share of renewable energy in the global energy mix by 2030. | The ratio of CCS projects to total energy production. |
| SDG 9: Industry, Innovation, and Infrastructure | 9.4: Upgrade infrastructure and retrofit industries to make them sustainable by 2030. | The number of CCS projects implemented or in development. |
| SDG 13: Climate Action | 13.2: Integrate climate change measures into national policies and planning. | The number of policies or regulations adopted to promote CCS. |
The article discusses the emergence of the Asia Pacific region as a hub for carbon capture and storage (CCS), highlighting efforts by countries like Australia, Malaysia, and Indonesia to become key CO2 storage hubs. This is relevant to SDG 7 as it relates to increasing the share of renewable energy by reducing CO2 emissions through CCS. It also touches on SDG 9 by discussing the need for upgrading infrastructure to support CCS projects. Lastly, it aligns with SDG 13 by emphasizing the integration of climate change measures, such as CCS, into national strategies to mitigate climate change impacts.
The targets under these SDGs are directly related to the content of the article, which discusses the need for increased renewable energy adoption, sustainable industrial practices, and climate change integration into policies. The indicators mentioned or implied include the number of CCS projects relative to energy production, the implementation of CCS projects as a measure of industry sustainability, and the adoption of policies promoting CCS.
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Fuente: oilprice.com
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