JThe nascent carbon storage and use industry could be of interest to shipping, in terms of its decarbonization efforts. In its latest weekly report, shipbroker Intermodal noted that “we have seen both India and Pakistan suffer from extreme spring heat waves in recent days. This is indeed a wake-up call for the international community as well only for the maritime community.Extreme weather events will continue and will only increase in pace and intensity unless immediate action is taken.The Intergovernmental Panel on Climate Change (IPCC) has presented four scenarios of a global temperature reduction of 1.5°C in its special report published in 2019. All of the cases involved carbon capture and three of them required the involvement of the most significant use of carbon capture carbon capture and storage (CCS) projects have recently attracted increased interest for further development.”
According to Intermodal’s oil broker, Mr. Apostolos Rompopoulos, “We recently heard the announcement of a newly created company (ECOLOG) to invest in the ‘industry’ of the capture, use and storage of carbon CCUS on the road to zero emissions by 2050. It aims to transport 50 million tonnes of CO2 per year by 2035. To support industry plans to reduce harmful emissions, this maritime network will link the CO2 emitters to storage facilities for reduced cost or reuse at similar cost ECOLOG vessels will pioneer a range of capacities from 20,000 cubic meters to 85,000 cubic meters for long-haul trades. couriers”.
Intermodal’s broker added that “each of the vessels will transport over one million tons of CO2 per year between the ECOLOG terminal. In addition, terminals and vessels will operate at 8 bar pressure to ensure safe and efficient transport of large volumes of CO2. The technology that will be developed in this network was founded many years ago, it will just be redesigned for scale and product. According to analysts, the current demand for CO2 is around 230 Mt worldwide per year, and the fertilizer industry alone consumes 125 Mt per year as raw material in the manufacture of urea. Oil and gas producers use about 70-80 Mt per year for EOR (Enhanced Oil Recovery). CO2 is also integral to food and beverage production, cooling, water treatment and agriculture, but the demand is rather low. According to recently published reports, the flow of CO2 differs because CO2 suitable for EOR or other industrial uses is unlikely to be suitable for food and beverage production, and transportation requirements are affected by the purity. Further opportunities for CO2 utilization and fuel production for methane and methanol are designed as an energy chain for the future”.
“To conclude, the importance of CO2 utilization can be detected in two ways: the removal and long-term storage of atmospheric CO2 and the reduction of CO2 emissions to the atmosphere. Potentially, using CO2 to make useful products can eventually offset some of the costs of climate change mitigation,” Rompopoulos concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide