Carbon+Intel Forum: Innovations pave the way for cost-efficient CCUS
Technology innovations, partnerships and policy took center stage Thursday morning during the second day of Gulf Energy Information's Carbon+Intel Forum at the Westin Galleria in Houston, Texas, (U.S.) Keynote speaker Chris Powers, Vice President, Chevron New Energies, highlighted these tools as the instruments that will drive the success of cost-efficient carbon capture, utilization and storage (CCUS) in the future. Despite common energy misconceptions, Powers relayed that “CCUS is a critical enabler toward the goal of net-zero.”
Challenges. While necessary to further decarbonize the industry, the cost to capture is daunting. This is why both policy and technology innovations are paramount, Powers said.
“Policy (can help) to ensure we have processes in place in order to move forward. Seeing progress over the last several months - fiscal, regulatory and permitting - each are areas we need to continue to move forward as well.”
Further, technological innovations and advancements in CCUS can enable a reduction in costs to capture. One of the ways this is demonstrated is by “setting up full scale pilots for several different pilot capture technologies,” Powers explained. Several of these pilots are nearly ready for commercialization, Powers said.
Looking ahead. With innovative technology, CCUS will continue to work – though it won’t be a quick process.
“We need to work to foster technology changes to drive the cost down. This is a decades-long opportunity in front of us,” Powers said.
With the challenges to reach net-zero, partnerships are necessary to continue the shift of the energy industry.
“We can’t do projects alone. Whether it’s new energies and new technologies, the best success comes when you bring like-minded parties, who come together to attack a common goal, solving challenges together,” Powers said. “We’re competitors but we’re also partners in this energy transition.”
For more about CCUS and recent policy, here’s some insight from Day 1 of the Carbon+Intel Forum.
Story and photo by Courtney Blackann, Digital Editor, Hydrocarbon Processing
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