Comprehensive technology and economic evaluation based on the promotion of large-scale carbon capture and storage demonstration projects

Abstract

The technology known as carbon capture and storage (CCS) can significantly reduce greenhouse gas emissions on a massive scale. The whole process and large-scale CCS projects are still in the exploratory stage from project demonstration stage to commercialization stage because to the significant expenditure, prolonged operating term, and numerous technological connections involved. The investment cost of CCS, the advancement of CCS technology, and the safety of CCS operation are its primary points of emphasis. There are several ways to successfully absorb carbon dioxide (CO₂), but they all have the drawback of having large investment costs. For the smooth development of capturing technology, the issues of cost and efficiency must be resolved. Transporting CO₂ is usually necessary since its source and storage location are dispersed and far apart. This is seen to be the most challenging issue. The secret to ensuring the success of CCS projects is understanding how to perform efficient economic evaluation when making investment decisions in light of the high cost of CCS. The influence of measures like increased carbon taxes and government subsidies will hasten the commercialization of CCS projects. We advise a thorough assessment of CCS projects to support their strategic positioning with nations and investors and deepen decision-makers' understanding of the technical feasibility and economics of CCS projects to obtain a more thorough support. This recommendation is based on the progress and challenges in the development of each module.