GITNUX MARKETDATA REPORT 2024
Carbon Removal Industry Statistics
The carbon removal industry is rapidly growing, with a market size expected to reach $6-10 billion by 2030 and potential to remove up to 10 gigatons of CO2 annually by 2050.
With sources from: globalccsinstitute.com, iea.org, mckinsey.com, statista.com and many more
Sources
In this post, we will delve into key statistics surrounding the carbon removal industry, shedding light on the current state and future potential of carbon capture, utilization, and storage technologies. From major corporations’ commitments to the challenges of achieving global emission reduction targets, these statistics provide a comprehensive overview of the industry’s landscape and the critical role it plays in addressing climate change.
Statistic 1
"Major corporations committed to annually capture 9.5 GtCO2 by 2030."
Statistic 2
"Less than 0.1% of global emissions is currently being captured."
Statistic 3
"To limit global warming to 1.5 °C, we need to remove up to 20 billion tons of CO2 per year by 2050."
Statistic 4
"The cost for technologies capturing CO2 from the atmosphere can range between $100 and $600 per metric ton of CO2."
Statistic 5
"Among industrial sectors, Power Generation is the largest source of CO2 Emissions, accounting for about 40%."
Statistic 6
"As of 2021, 65 million tons/year of CO2 capture capacity is in various stages of development."
Statistic 7
"The estimated market size for CO2 removal could be $1.9 trillion annually by 2040."
Statistic 8
"There are approximately 260 Carbon Capture Utilization and Storage projects in operation or under development globally."
Statistic 9
"Direct air capture (DAC) technologies could capture roughly 0.5-5 GT/year of CO2 by 2050."
Statistic 10
"It is estimated that there is potential capacity to inject 11,000 billion tonnes of CO2 underground."
Statistic 11
"About 240 million tons of carbon were sequestered worldwide in 2015 through forestry and land use."
Statistic 12
"The number of commercially operating carbon storage projects climbed from 51 in 2016 to 59 in 2021."
Statistic 13
"The projected cost of storing carbon is decreasing, from $600 per ton in 2021 to $100 per ton by 2040."
Statistic 14
"Carbon Clean Solutions, a company in the sector, estimated that the global market for carbon capture technology could surpass $800 billion by 2030."
Statistic 15
"According to the IEA, reaching net-zero emissions will require annual capture, utilization, and storage of about 7.6 GtCO2 in 2050."
Interpretation
The statistics presented highlight the significant gap between current carbon capture efforts and the ambitious targets needed to combat climate change. Major corporations have committed to capturing a substantial amount of CO2 by 2030, but this pales in comparison to the amount required to limit global warming to 1.5 °C. While the cost of CO2 capture technologies is decreasing, the scale of investment needed remains substantial. The potential market size for CO2 removal is projected to be massive, indicating a growing interest in carbon capture solutions. Additional focus on sectors like Power Generation and the development of technologies such as Direct Air Capture will be crucial in meeting the necessary targets for carbon removal.
Jannik Lindner
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