Economic perspectives and policy insights on carbon capture, storage, and utilization for sustainable development

Sarath C Gowd; Prabakaran Ganeshan; V S Vigneswaran; Md Shahadat Hossain; Deepak Kumar; Karthik Rajendran; Huu Hao Ngo; Arivalagan Pugazhendhi

doi:10.1016/j.scitotenv.2023.163656

Economic perspectives and policy insights on carbon capture, storage, and utilization for sustainable development

Sci Total Environ. 2023 Jul 20:883:163656. doi: 10.1016/j.scitotenv.2023.163656. Epub 2023 Apr 23.

Authors

Sarath C Gowd¹, Prabakaran Ganeshan¹, V S Vigneswaran¹, Md Shahadat Hossain², Deepak Kumar², Karthik Rajendran³, Huu Hao Ngo⁴, Arivalagan Pugazhendhi⁵

Affiliations

¹ Department of Environmental Science and Engineering, School of Engineering and Sciences, SRM University-AP, Andhra Pradesh, India.
² Department of Chemical Engineering, SUNY College of Environmental Science and Forestry Drive, Syracuse, NY 13210, United States of America.
³ Department of Environmental Science and Engineering, School of Engineering and Sciences, SRM University-AP, Andhra Pradesh, India. Electronic address: rajendran.k@srmap.edu.in.
⁴ Centre for Technology in Water and Wastewater, School of Civil and Environmental Engineering, University of Technology Sydney, Sydney, NSW 2007, Australia.
⁵ Tecnologico de Monterrey, Centre of Bioengineering, NatProLab, Plant Innovation Lab, School of Engineering and Sciences, Queretaro 76130, Mexico; School of Engineering, Lebanese American University, Byblos, Lebanon. Electronic address: pugal.smile@gmail.com.

PMID: 37088382
DOI: 10.1016/j.scitotenv.2023.163656

Abstract

Carbon capture storage and utilization (CCSU) has the potential to become a key tool to mitigate climate change, thus, aiding in achieving the objectives of the 2015 Paris Agreement. Even though the relevant remediation technology has achieved technical maturity to a certain extent, implementation of CCSU on a larger scale is currently limited because of non-technical parameters that include cost, legalization, lack of storage reservoir, and market mechanism to penalize CO₂ emitter. Among these, cost emerges as the primary barrier to the dissemination of CCSU. Hence, necessary policy frameworks and incentives must be provided by governing agencies to enable faster dissemination of carbon capture and utilization (CCU) and carbon capture and storage (CCS) globally. Meanwhile, strict implementation of a carbon tax across nations and market demand for products generated using captured CO₂ can aid in the fast adoption of CCU and CCS. This review assessed the economic feasibility and sustainability of CCS and CCU technologies to identify the barriers to commercializing these technologies.

Keywords: CO(2) capture; CO(2) utilization; Carbon tax; Climate change; Decarbonization.

Publication types

Review