|China’s Pathway towards Carbon Neutrality by 2060|
Shanghai, China – March 4, 2021 – The Chinese carbon capture, utilization, and storage (CCUS) capacities are forecast to grow rapidly in the next decade, from a forecast 7.1 million tons in 2021 to over 22 million tons in 2030, at a CAGR 13.4% in the forecast period, according to a recently published report, named “CO2 Management And Utilization Technology Landscape in China 2021” by Innova Research, a Shanghai-based market research and consulting firm focusing on emerging technologies.
In the past few months, the Chinese government announced ambitious goals to peak carbon dioxide (CO2) emission in 2030 and reach carbon neutrality by 2060, as well as a number of relevant stage goals for the period 2021 to 2030. Meanwhile, the Chinese regulations on carbon trading (carbon tax) was released at the beginning of February 2021. The establishment of a nation-wide carbon trading system is expected to accelerate the market demands on CO2 management and utilization technologies from industrial players with high carbon dioxide emissions, such as thermal power plants, coal chemicals, petrochemicals, and steel companies, among others.
The report exams the Chinese CO2 management and utilization industry value chain, and identifies the relevant pilot and commercial CCUS projects in China. These projects and their CO2 treatment capacities are split by region, by project status (running, closed, launching), and by downstream application, namely agrochemical, building material, fuel and chemical, healthcare supplemental, polymer and bioplastics, enhance oil recovery (EOR), and others, respectively. Moreover, shares taken by each CO2 conversion technology routine, such as catalytic conversion, H2 addition, carbonation, electrochemical reduction, photocatalysis, among others are estimated. Lists of the CCUS projects and the leading technology developers, including technological companies and leading professors/researcher teams in the CCUS technology field are also provided with the information such as their technology expertise, CO2 upgrading processes, among others. Meanwhile, the report also provides an analysis on a pathway towards carbon neutrality in China by 2060.
Nancy Wu, Research Director at Innova Research, commented: “China is one of the largest carbon dioxide emission countries in the world. The improvement that will be made on the Chinese carbon trading system, and the government policies and other supports on the development of both commercial and polit CCUS projects are expected to accelerate the market and technology demands in the CCUS technology field, and therefore offer great business opportunities to the CCUS and other relevant technology developers, both in and out of China”.
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