China Carbon Capture, Utilization, and Storage (CCUS) Market
With peak carbon and carbon neutrality goals in place, China is poised to invest in CCUS technology.
China aims to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060. To achieve this feat, experts indicate there will need to be significant advances in carbon capture technology.
As China turbo charges the development of CCUS technology, opportunities will exist for U.S. energy companies to partner with Chinese firms on demonstration projects.
On April 17, 2021, the U.S. and China issued a joint statement addressing the climate crisis that highlights several areas for policy and technological development, including through circular economy, energy storage and grid reliability, CCUS, and green hydrogen. This statement highlights the shared interest in combating climate change as set out by the Paris Agreement. CCUS will play a role in achieving these targets.
To find out more, please see U.S.-China Joint Statement Addressing the Climate Crisis.