CCUS: 5 things to look for in 2024

Companies and governments pushed CCUS up their agendas throughout 2023. New project announcements gathered pace as the global CCUS pipeline continued to grow and mature. So, what developments should we expect in 2024?

Drawing on powerful insights from Lens Carbon, we’ve made our predictions for the key themes that will shape the CCUS landscape in the year ahead. Fill in the form to access this complimentary report and read on for a brief introduction.

2024 will see an unprecedented number of CCUS project FIDs

CCUS has long been an energy transition hot topic. It plays an important role in our global net zero 2050 scenario – part of our energy transition outlook (ETO) report. And over the next decade, we expect its storage capacity will increase from 80 Mtpa to more than 500 Mtpa.

Momentum is gathering. Globally, 119 projects with 115 Mtpa capture capacity and 240 Mtpa storage capacity are aiming for final investment decision (FID) in 2024. That’s the largest number yet.

So where are the CCUS project hotspots? What’s the risked capacity by region? Read the full report to find out more.

CO2 storage licensing continues to gain momentum – and storage drilling will pick up

Licensing activity will continue, in support of increasing project capacity. New licensing rounds are expected in the US and the UK. Southeast Asia is the wildcard – we could see CO2 storage license areas formally open in Malaysia and Indonesia.

Meanwhile, regulatory changes are expected to shorten project timelines and applications for CO2 storage wells and drilling should increase.

To see a breakdown of the licensing environment by region, as well as charts on class VI well applications and approvals, fill in the form to read the full report.

Could 2024 mark a step change for direct air capture (DAC) and new capture technologies?

At-scale DAC readiness will be a focus in 2024 and beyond. In 2024, expected developments include:

• Phase 1 of Stratos, the world’s first global-scale DAC plant (0.5 Mtpa), will reach or near the end of construction in advance of its 2025 target start-up date.
• Climeworks’ Mammoth DAC project is expected to begin operation in the second half of 2024.
• The US Department of Energy is expected to announce further DAC hubs and finalise funding quantities.
• Startups are likely to develop pilots with newer technologies, reaching technology readiness level 6.

However, cost and execution risks loom. We will have a watchful eye on how next-of-a-kind (NOAK) DAC projects are able to improve operational efficiency and lower costs.

In 2024 we also expect project announcements, FIDs and start-ups involving new capture technologies and industries. For an overview of some of the notable projects – including Svante’s potentially game-changing Veloxotherm Technology – read the full report.

In it, you’ll also find our take on evolving regulatory framework development, and a look at which of the 2024 global elections could really move the needle on the CCUS policy environment.

Fill in the form at the top of the page for your complimentary copy.