As decarbonization solutions continue to scale up around the world, CCS offers an opportunity to create a vast network of new jobs, spark billions in economic development and generate infrastructure investments around large industrial hubs.
In some ways, the potential for CCS is similar to how the Internet created an ecosystem of new businesses, jobs and investments – a ripple effect that continues today.
In the near term, the International Energy Agency’s Sustainable Development Scenario estimates the need for 70 to 100 new CCS facilities to be built per year by 2050, requiring between $655 billion and $1.28 trillion in capital spending. That also means up to 100,000 construction jobs and up to 40,000 positions to operate that equipment.
That’s a potential blueprint for significant economic growth in places like the greater Houston area, where 11 companies announced in September 2021 their support for advancing CCS in the city. That effort is estimated to require more than $100 billion in private and public investments and generate thousands of new jobs.
Once completed, the initiatives in Houston and other areas could have a dramatic impact on lowering CO2 emissions from industrial sources.
Carbon capture and storage will also play a crucial role in the wide-scale production of “blue hydrogen,” a low-emission fuel derived from natural gas. With CCS, the emissions involved in the production of hydrogen can be stripped out and safely stored deep underground. Further, CCS enables a rapid rollout and scaling of blue hydrogen that could meet the growing demand from the transportation and industrial sectors.
Learn more about the transformational potential carbon capture and storage has as a source for new solutions that go beyond the environmental benefits.