<
https://reneweconomy.com.au/carbon-capture-wont-work-for-iron-makers-and-steel-makers-new-report-says/>
"Iron ore miners and steelmakers relying on carbon capture, utilisation and
storage as a solution to decarbonise are risking lower sales and stranded
assets as the technology continues to fail to impress, according to a new
analysis by IEEFA.
IEEFA analysts Simon Nicholas and Soroush Basirat say they have reviewed six
proposed steel projects that are said to rely on the carbon capture,
utilisation and storage (CCUS) to clean up steel production.
The analysts found that CCUS has consistently underperformed where it has been
deployed, running into engineering and technical programs, and only managing to
capture a fraction of the CO₂ emissions its proponents say it will.
In one example, a multi-billion dollar Genessee CCUS proposal for power
generation near Edmonton, Canada was cancelled after it was found to be
financially unviable.
Another flagship project, the Sleipner CCUS project that has long been held up
by the industry as a pioneering CCUS project, was recently found to have
over-reported the amount of CO₂ it captured for years due to faulty monitoring
equipment.
When it comes to iron and steelmaking, the prospects for CCUS are increasingly
dim as there are multiple points within the iron and steelmaking processes
which would require CCUS, and the cost of transporting CO₂ between facilities,
making the idea increasingly expensive over time.
Nicholas, the IEEFA lead analyst for the global steel sector, said that for all
the promises by industry, these developments were not promising.
“I think it gives me the right to be dubious of these six projects either being
completed at all, or capture any significant emissions if they do get up and
running,” he said. “I just don’t think it’s a realistic prospect for a number
of reasons.”
On the six proposed steelmaking projects that are seeking to rely on CCUS, the
analysts found all lack transparency about key details on the projects
including capture capacity and storage type. Two of three projects considered
in “advanced development” do not have dates by which they expect to enter
production.
The investor note also reports that there are still no commercial-scale CCUS
plants for blast furnace-based steelmaking in operation anywhere in the world."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
