NEWS

CO2 Transport By Ship

15/01/2024

A report was recently issued by the Carbon Capture, Utilisation and Storage Association (CCSA) and the Zero Emissions Platform (ZEP) with recommendations for policymakers focusing on achieving a European market for CO2 transport by ship.

The report suggests investing in and encouraging governments to eliminate cross-border restrictions on CO2 transport within the EU and UK emissions trading systems (ETS). It indicates that this would help EU achieve its proposed net zero industry act, targeting to have 50mn t/yr of CO2 storage capacity by 2030. By allowing CO2 shipping, the report assesses that up to 39.5mn t/yr could be transported by 2030.

Commercializing the shipping of CO2 would create opportunities for financial support through the voluntary carbon market, ultimately aiding in the funding of projects related to Bioenergy with Carbon Capture and Storage (BECCS) and Direct Air Capture with Carbon Storage (DACCS).

The report also identifies 26 possible storage projects that could transport CO2 by ship; noting that only one project is currently underway for CO2 shipping.