Cumulative investment in carbon capture and storage (CCS) is expected to reach $80 billion over the next five years, according to DNV’s new Energy Transition Outlook: CCS to 2050 report.

DNV, the independent energy expert and assurance provider, forecasts that capture and storage capacity is expected to quadruple by 2030.  Up to now, growth has been limited and largely associated with pilot projects but a sharp increase in capacity in the project pipeline indicates that CCS is at a turning point. The immediate rise in capacity is being driven by short-term scale up in North America and Europe, with natural gas processing still the main application for the technology.

Maritime onboard capture is expected to scale from the 2040s in parts of the global shipping fleet.

As the technologies mature and scale, the average costs will drop by an average of 40 percent by 2050.

Access the report here.