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  • 20-02-23

    KAPSARC official confirms worldwide investment in carbon capture reached USD6.4B last year

    (MENAFN) The capacity of worldwide investment in carbon capture and storage ventures has reached an amount of USD6.4 billion last year, as stated by Fatih Yilmaz, a specialist in the Climate and Sustainability Program at the King Abdullah Petroleum Studies and Research Center.

    While giving a speech throughout a panel negation on carbon management techniques with the International Energy Forum as well as the Clean Energy Forum in the Saudi capital, Riyadh, Yilmaz underlined that the average funds in CCUS ventures saw a range from USD2 billion to USD3 billion on a yearly basis until the end of last year.

    This shows that 2022 saw a climb in the rate of findings in the industry, which additionally suggests the requirement to fund in clean hydrogen.

    Quoting a latest review by the International Energy Agency which recorded CCUS as one of the seven pillars of reaching net-zero by the end of this decade, he also mentioned that there is an underlying requirement to obtain a volume to capture and store 8 million tons of carbon dioxide by 2050.

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