ExxonMobil says carbon capture, use and storage (CCUS) will be a $4 trillion market by 2050. Most reputable climate analysts find CCUS is essential to meeting our climate targets. Environmental groups, with a few honourable exceptions, loathe it. But perhaps the most important question is – can it make money, and how much?
CCUS covers a range of technologies that trap carbon dioxide from industrial facilities, power plants and other emitting sites, usually from burning oil, gas, coal, waste and biomass, or manufacturing cement. This carbon dioxide is then used to make valuable products such as fizzy drinks, fuels or plastics, or reacted to produce solid minerals. Or, it is injected deep into the ground, either to liberate additional oil, or to be stored permanently and safely.
Environmental groups dislike CCUS because of its association with the oil and gas industry, and its competition with renewables – which is apparent rather than real. They reserve more vitriol for it than for real climate problems such as burning coal. Even usually objective media such as the Financial Times and Bloomberg are all but unable to mention it without including lists of its alleged problems.
But carbon capture will address different challenges from renewables. It will meet about 16 per cent of the required reductions in greenhouse gas emissions by 2050, primarily applied to heavy industry such as iron and steel, cement, ammonia and “blue” hydrogen. Gas or coal plants with CCUS can help alongside batteries to balance out renewable-heavy electricity systems.
Costs for CCUS vary widely depending on the application. Most of the costs are used for capturing the carbon dioxide; the transport to a suitable point were storage is relatively cheap. Perhaps $20 per tonne for the cheapest options, where carbon dioxide is already separated as part of processes such as hydrogen or ammonia manufacture or natural gas processing, rise to $120 or more for challenging operations such as cement.
Of course, when no one was willing to pay for CCUS, no one did it, an obvious statement that somehow escapes many critics. Now, carbon prices are coming into force and rising in a growing number of countries.
The estimated CCUS costs compare to $85 per tonne offered in tax credits by the US, about $76 per tonne currently under the EU’s emissions trading system, and an intended US $125 per tonne by 2030 for Canada’s carbon tax. So, many carbon capture approaches should now be entering economic viability. The GCC has no carbon price yet, but industries that export to the EU will increasingly be exposed to its carbon border tariffs.
Articles on CCUS often confuse it with a related but different approach, direct air capture (DAC). This takes carbon dioxide directly from the atmosphere. This offsets residual emissions elsewhere that are very hard or expensive to capture or avoid and draws down our vast atmospheric liability of past pollution.
The technological means for doing this operate today, but only on a small scale, and are costly, at $500 per tonne or more. Biological, geochemical and other approaches may be cheaper, but have to be proven technically, or are limited in the amount they could capture.
CCUS is a crucial part of GCC climate plans. The Gulf’s large emitting sources are close to well-understood, big and high-quality underground storage sites. The major Gulf oil and gas companies have significant expertise: Adnoc started its first large operation eight years ago, and it, Saudi Aramco and QatarEnergy plan in total to capture more than 25 million tonnes annually by 2030.
Worldwide, current capture capacity is about 40 million tonnes per year. The International Energy Agency believes that needs to rise to more than 7.6 billion tonnes annually by 2050, with 980 million tonnes of DAC. Other estimates put DAC up to 5 billion tonnes and growing further after 2050.
Vicki Hollub, the chief executive of Occidental, has talked of a $3-5 trillion global industry, and says it could generate as much earnings as the company’s oil and gas business does today. ExxonMobil compared the anticipated $4 trillion CCUS market to the $6.5 trillion it expects for the midcentury petroleum market.
Assuming ExxonMobil is using a similar figure for volumes to the IEA’s, that implies a value of more than $500 per tonne captured through CCUS, which seems excessive. Perhaps $120 for CCUS and $200 for DAC is more realistic, which would make the overall market about $1.1 trillion by 2050 – still very large, more than five times the size of the current liquefied natural gas business.
There are essentially six ways to make money from CCUS. First is to be paid by others to decarbonise the domestic economy, which helps on meeting national climate goals but doesn’t generate external value.
Second is to use the captured carbon dioxide for something. Applications are currently somewhat limited in size and value. The main one, injecting into oilfields to enhance recovery, is hated by anti-fossil fuel campaigners – but the combination of DAC with enhanced oil recovery can yield net-zero carbon oil for essential future uses in areas such as aviation and petrochemicals.
Third is to import carbon dioxide from others who do not have suitable storage opportunities themselves, and who are willing to pay to clean up – Japan and South Korea being obvious candidates.
Fourth is to do direct air capture at home and sell the carbon removal service to others. Microsoft, Stripe and other companies have already made major commitments to decarbonise their operations in this way. Big airlines are another obvious candidate – indeed, it may be the only way for them to keep flying as they do today.
Fifth is to establish low-carbon versions of polluting industries, using CCUS to make them near-zero carbon, and export the products – such as steel, cement, “blue” hydrogen and ammonia. GCC countries are already moving into this opportunity.
Sixth is to provide the technology and equipment. GCC countries could be more proactive investors and researchers. There are still challenges to overcome: reducing costs and energy use, standardising systems, ensuring maximum levels of capture and avoiding any leakage from underground. With a little capital and good pilot opportunities to prove themselves, exciting innovations in CCUS and DAC can become reality. The Gulf should be a pioneer, not just North America, Europe, China and Australia.
Even if it does not quite reach the size of petroleum today, carbon capture is going to be a big and profitable business. To succeed in the climate struggle, we need CCUS to grow much faster, with bold and capital-rich supporters. Balancing its future oil and gas outlook, the GCC should seize a larger share of the carbon capture cake.
Robin M. Mills is CEO of Qamar Energy, and author of The Myth of the Oil Crisis
SECRET%20INVASION
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The%C2%A0specs%20
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
TOURNAMENT INFO
Opening fixtures:
Friday, Oct 5
8pm: Kabul Zwanan v Paktia Panthers
Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends
Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.
TV info
The tournament will be broadcast live in the UAE on OSN Sports.
UAE currency: the story behind the money in your pockets
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Jebel Ali results
2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)
2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
3pm: Handicap (TB) Dh 64,000 (D) 1,600m
Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe
3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m
Winner: Gabr, Sam Hitchcott, Doug Watson
4pm: Handicap (TB) Dh 96,000 (D) 1,800m
Winner: Just A Penny, Sam Hitchcock, Doug Watson
4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m
Winner: Torno Subito, Sam Hitchcock, Doug Watson
5pm: Handicap (TB) Dh 76,000 (D) 1,950m
Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Brave CF 27 fight card
Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)
Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)
Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)
Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)
Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)
Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)
Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)
Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Killing of Qassem Suleimani
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
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