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Adoption of Carbon Capture and Utilization Technologies Address De-carbonisation Needs While Providing Additional Economic Benefits to Industries
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The amount of carbon dioxide (CO2) generated and emitted into the atmosphere continues to rise as a direct result of a series of complex interactions including population growth, improved standards of living, and expanding economies, and this is clearly demonstrated by both the increasing absolute level and the annual rate of increase in atmospheric Carbon capture, utilization and storage (CCUS) technologies can aid in realizing continued low-carbon utilization of fossil fuels on a large scale. It also facilitates the optimization of energy consumption structure and ensuring energy security while reducing CO2 emissions. While carbon capture and storage (CCS) had significant attraction in the last decade, the economic and regulatory roadblocks have impacted their adoption potential. The CCS projects are currently being deployed at a very sluggish pace and hence, global nations cannot rely on solely CCS technologies to meet climate change and sustainable development goals related to CO2 emissions. Frost & Sullivan research reveals that, with every nation facing an urgent climate challenge, serious consideration must be given to alternative technologies such as carbon capture and utilization (CCU). The regulatory scenario and the development of cost-effective technologies have also proven favorable to CCU applications in comparison to CCS. The possible utilization routes includes the use of captured carbon for applications such as chemicals, fuel, plastics/plastic alternatives, building materials and others. This research study provides an overview of the recent technological developments and breakthrough innovations enabling carbon capture and an emphasized focus on the effective conversion of CO2 into a range of end products.
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