It was a productive and informative couple days at @Reuters Industrial Decarbonization North America 2024 in Pittsburgh #IDNA24. I was heartened to see the number of industries and companies participating across the manufacturing sector actively engaged in discussions around how to decarbonize their businesses. At the event, I also participated in a session with Michael Schwartz of New Wave where we discussed what’s needed to improve scale and adoption of decarbonization technologies in these industries to achieve net zero:
1) Reduce costs - To successfully scale from the first capture prototypes, providers will have to standardize, replicate, and modularize these technologies in order to reduce the costs of adoption. The costs of carbon capture implementations are one of the key hurdles to adoption in lower margin manufacturing sectors.
2) Implementation without disruption – providers must devise modularized systems that may be easily installed and deployed onsite without disrupting normal manufacturing operations.
3) Confidence in technology and partnership – though carbon capture has been a part of natural gas processing, the technologies being researched and developed for industrial processes are different. As such, for these manufacturers, providers need to build confidence that the substantial investment they are making will work technologically. In addition, the vendor in which they are placing their trust will have the means and expertise to remedy any issues encountered.
4) Incentives that will make these projects “in the money” – as is always discussed the government and regulatory incentives that are put in place must support the cost effective and efficient development of carbon capture projects. These “incentives” must allow businesses to honor their fiduciary duties otherwise, projects will not be funded.
By tackling these key areas, we can move carbon capture projects forward more quickly and achieve net zero emissions.
#CCS #industrialdecarbonization
Global Business Line Manager at ABB
2moWhat a team! Bravi 👏