Carbon capture and storage: how far can costs fall? (Executive Summary)

This report is an abridged summary version of the report Carbon capture and storage: how far can costs fall? published 6 September 2021 The full report, with accompanying data, is available to subscribers of Wood Mackenzie’s Energy Transition Service. Scaling up carbon capture and storage (CCS) is vital to achieving net zero by 2050. But the costs associated with it are high. Why is it so expensive? And how far can costs fall? These are the questions we tackle in this report, Wood Mackenzie's first proprietary view on the costs of CCS. In this report, we cover the levelised cost of CCS at four industry applications: - Power (NGCC and coal) - Natural gas processing, pre-treatment (CO2 removed as part of the process, an alternative to venting) - Natural gas processing, post-combustion (from the flue gas at e.g. a liquefaction or gas processing plant ) - Hydrogen production (from Steam Methane Reformation)