The world is confronting a climate crisis. Officials and CEOs are under escalating pressure to deliver the climate goal made at the Paris Agreement.
Bain & Co’s report on SEA Green Economy 2021 claimed that the region’s natural capital holds the highest global potential as a decarbonisation lever as they contain 19-46% of global blue carbon storage (4.8 GtCO2e). Moreover, SEA investors increasingly see sustainability as an opportunity vs. a risk when 57% of investors now integrate sustainability in their investing thesis while 19% identify as impact investors. International Energy Agency reported that by 2021, at least seven large-scale CCUS projects have been identified in SEA.
The CCS technology is essential to meeting the goal of a net carbon zero economy by 2050. Based on IEA, power and industrial facilities have the capacity to capture more than 40 MtCO2 annually. This shows great potential for the market and the businesses at the forefront. According to an analysis by The Fortune Business Insights, the global CCS market is projected to grow from $2.01 billion in 2021 to $7.00 billion in 2028 at a CAGR of 19.5%. This recent analysis could prompt more companies to plan pipeline of projects to accelerate the delivery of 1.7 billion tonnes of CO2 capture deployed by 2030 in the Net Zero by 2050 scenario.