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A Look at the Energy Industry
There has been a collaborative and concerted effort from groups to shift humanity towards carbon reduction , and ultimately a net-zero future . However , society , as it stands now , needs the current energy apparatus to continue to function . Transitioning completely to green / renewable energy is not currently viable . Instead , a more pragmatic approach is the capturing and sequestration of carbon emitted from traditional industries . This is what is known as carbon capture and storage ( CCS ), and it is not a threat to the valve industry , but a new frontier .
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Despite all the talk about green energy , the United States ’ energy portfolio continues to be carbon exhaustive . In 2020 , oil alone accounted for nearly 35 % of the country ’ s total energy production , while green energy accounted for roughly 9 %; in 1990 , oil represented 39 % of the production while renewables sat at 7 % 1 , see Figure 1 . |
emitted , giving countries and industries dependent on fossil fuels the flexibility to maintain existing energy infrastructure while mitigating their emissions .
CCS can be broken down into three key steps .
Capture
CO 2 can be captured from large-scale industrial projects ’ smokestacks , including power plants , manufacturing , concrete , petrochemicals , steel manufacturing and other carbon-intensive industries . This can be accomplished through several different methods including use of membranes , combustion , absorption , and others .
Transport
The captured CO 2 must be transported to natural storage sites that are often hundreds of miles away from the source of the emission . Transporting the carbon can be done by rail , truck or ship . However , pipe-
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from 2019 . Also in 2020 , 38 new facilities were announced , while in 2021 these figures exploded to 66 facilities in advanced development , with another 97 announced .
In 2021 , global funding for carbon capture jumped more than four-fold to 1.4 billion . By 2050 , carbon capture start-ups are estimated to be worth USD $ 1 trillion . 6 Though trending in the right direction , the industry still requires tremendous scaling .
The International Energy Agency has set benchmarks for the wide scale adoption of CCS , and while the project is not on track , with a 2020 IEA report asserting that storage must be increased to 5.6 billion tons per year to meet climate goals , the wider adoption of the technology is underway . 7
Large investments showing faith in the technology have made the carbon capture market a more attractive investment opportunity , spurring plans for over 120 new industrial CCS projects across the globe ; with investments in China , Europe , Canada , and the United States .
Valves and CCS
The widespread implementation of CCS as a solution for hard to abate industries , including but not limited to traditional energy production , is a possible future . In this future , vast amounts of infrastructure will be needed to transport captured carbon to permanent storage .
In the United States , CO 2 sources , and geologic reservoirs are separated by a substantial
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amount of space and geographical barriers . Therefore , for CCS technology to scale and become widespread new dedicated CO 2 pipeline infrastructure will need to be constructed .
In 2018 , it was found that without dedicated infrastructure , like new pipelines , the United States could transport 19 million tons of CO 2 per year while still being profitable . 8 For reference , a 2021 Princeton University study has determined that If the United States is to deliver on its net-zero target it will need to be capable of moving at least 65 million tons per year by 2030 . 9
As of 2022 there are just over 5,000 miles of dedicated CO 2 pipelines in the US , but this could soon change . Interest in the United States is being driven by federal and state incentives for CCS , and low-interest loan programs for CO 2 pipelines . This was passed by Congress in 2021 and has received support from the Biden administration to grow the ‘ carbon management ’ industry in an effort to reduce emissions . 10
As investment pours in for CCS , it is estimated this mega infrastructure project will cost billions to complete and will include backing from the United States government and commercial organizations .
The prospect of this potential massive pipeline infrastructure project is worthy of the attention of the valve industry .
By 2050 , pipeline infrastructure for CCS is estimated to be between 60,000 and 310,000 miles in length . 11
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In 2020 , the U . S . produced 30 % more energy but produced 10 % less CO 2 emissions than in 1990 . Its energy strategy over the past 30 years has focused on carbon management . This is illustrated with the United States Office of Fossil Energy and Carbon Management ’ s ( FECM ) R & D budget . In 2012 , FECM ’ s CCU funding budget was USD $ 66 million , in 2020 the FECM received upwards of USD $ 320 million for CCU R & D . 2
CCS fits the carbon management profile ; it not only has the potential to help reach a net-zero goal , but , in theory , has the potential to become a carbon negative technology , although none of this becomes reality without the valve industry .
What is CCS ? 3
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lines are the cheapest form of transport . 4
Storage
After arriving at the site , CO 2 is injected deep into natural underground reservoirs . Often , the carbon is deposited into geological formations like oil & gas fields that use geochemical trapping mechanisms to keep the CO 2 from escaping to the surface .
Developing Scale
CCS technology first rolled out commercially in the 1980 ’ s but has been slow to be adopted . This may soon change as carbon capture could be on the cusp of a meteoric rise .
Since 2019 , there have been 27 operating commercial CCS facilities in the world . In 2021 , roughly 40 million tons of carbon
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Figure 1 . |
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With almost a 50 year history , CCS is not considered a new technology . Recently it has entered back into the contemporary lexicon , and for good reason . CCS is among humanity ’ s best solutions for reaching a net-zero future . CCS allows for the capture of carbon after it has been |
was captured with these facilities . This number has more than doubled since 2010 and has quadrupled since 2000 . 5
The sector is experiencing never-beforeseen growth . In 2020 there were 21 facilities in advanced development , which represented a 110 % year-over-year increase
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