Growth potential for CCS in the region, as economies diversify and decarbonise, increasingly optimistic
Masdar City, Abu Dhabi – The Global CCS Institute is pleased to announce the opening of an office in the Masdar City Free Zone in Abu Dhabi.
The announcement comes amidst the rapid expansion of carbon capture and storage (CCS) around the world as the focus on reaching net zero commitments intensifies. The Gulf Cooperation Council (GCC) states, which produce 25% of annual global oil output, have highlighted CCS as integral to their low-carbon plans.
Global CCS Institute CEO, Brad Page, said the Institute was delighted to establish a physical presence in the GCC, noting the region could be central to short- to medium-term growth in global CCS deployment.
“The coming decade may feasibly see CCS take off in the region, as the GCC states look to diversify their economies, further establish leading-edge industry and protect their roles as leading energy exporters. As the world’s foremost CCS think tank, we are enthusiastic about playing a role in accelerating CCS deployment across the GCC as climate action and energy security becomes increasingly critical,” Mr Page said.
Some projections estimate CCS projects in the region could grow fifty-fold, from two to over 100 million tonnes of CO2 captured per annum by 2040. The region has vast, accessible underground storage of up to 30 Gt to support climate plans. Home to vast proven resources and oil and gas expertise, the gulf region will also be able to leverage the significantly lower cost of producing hydrogen with CCS as a key source of future competitive advantage.
Acknowledging the practicalities and challenges COVID restrictions continue to present, Mr Page said he anticipated that the regional office would be able to host events and engage with local CCS projects imminently.
“This exciting development means the Institute will be able to support the development of the CCS community in the region as well as using our expertise to serve the world-class organisations looking to deploy CCS projects”.
The Institute is now actively recruiting for a regional manager and local staff. More information on the Institute’s announcement and regional career opportunities can be found at globalccsinstitute.com.
© Press Release 2021