Asia will see more CCUS policy momentum in 2023

Asia will see more CCUS policy momentum in 2023

Asia will see more policy momentum with carbon capture storage and utilisation (CCUS) in 2023 having previously lagged behind other regions, according to Wood Mackenzie research.

Malaysia and Indonesia will finalise regulations and incentives for CCUS, focusing first on decarbonising natural gas production, it forecasts, while India and Japan will make headway on their respective CCUS roadmaps. Thailand and China are expected to make strides in their funding framework.

China Petroleum & Chemical Corporation signed a non-binding MoU with Shell, China Baowu and BASF in November, to launch the first 10-million-tonne CCUS project in East China. The open-source project will support industries in the region to decarbonise their operations and establish low-carbon supply chains, leading China’s CCUS development and achieving the region’s ‘dual carbon’ goals.

The project will explore the feasibility of transporting carbon dioxide (CO2) produced by industrial plants in the middle and lower reaches of the Yangtze River, including from steel, chemical, power and cement companies, to a CO2 receiving station, then transport the CO2 to onshore or offshore storage sites via short-distance pipelines.

SK Group, South Korea’s second-largest conglomerate, recently showcased at CES 2023 a broad range of products and technologies from its companies and partners, including CCUS, which are designed to help cut global carbon emissions.

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