[Haichuan Engineering News] Global carbon capture capacity to more than double by 2030

According to Hydrocarbon Processing News on April 20, ExxonMobil stated in a report on Tuesday that the market for capturing carbon dioxide and storing it underground is expected to reach $4 trillion by 2050. 　　According to the largest crude oil producers in the United States, the market size for oil and gas is expected to reach 6.5 trillion dollars by then, which represents about 60% of the total. 　　According to the International Energy Agency (IEA), carbon capture is an important technology for reducing emissions. It involves capturing carbon dioxide from fuel combustion or industrial processes, transporting it via ships or pipelines, and storing it in underground geological formations or using it as a resource for producing products. 　　As international bodies such as the **Intergovernmental Panel on Climate Change (IPCC)** regard carbon capture and storage technologies as key to mitigating the impacts of global warming, major oil companies have been investing in making carbon capture and storage (CCS) part of their business operations. 　　ExxonMobil is under pressure from the public to reduce its total emissions, as its energy transition strategy does not include renewable sources such as solar and wind power. The company recently hired Dan Ammann to lead its low-carbon business starting May 1; he previously headed General Motors’ Cruise autonomous driving division until December. 　　American oil producer Occidental Petroleum is developing the world’s largest project for extracting carbon dioxide from the air; previously, it was estimated that the carbon capture market could grow into a global industry worth $3 trillion to $5 trillion. The company’s CEO, Vicki Hollub, said at a meeting in March that the benefits and cash flow this technology could bring to Western Oil might be on par with those currently available in the oil and gas industry.

Previously, it was estimated that the carbon capture market could become a global industry worth $3 trillion to $5 trillion.

On the same starting line, just like in the coal chemical industry, China will become a global hub and major market for carbon capture technology