Carbon capture and storage (CCS) is approaching a critical turning point, according to DNV’s latest report.
Global capture and storage capacity is expected to quadruple by 2030, with cumulative investment reaching $80 billion over the next five years.
Despite this momentum, DNV warns the scale of deployment still falls well short of what is needed to meet net-zero targets.
“Carbon capture and storage technologies are a necessity for ensuring that CO₂ emitted by fossil-fuel combustion is stopped from reaching the atmosphere and for keeping the goals of the Paris Agreement alive,” said Ditlev Engel, CEO, Energy Systems at DNV.
“But for all this advancement, the trajectory of CCS deployment remains a long way off where it must be to deliver net zero by 2050.”
Currently, only 41 MtCO₂ is captured and stored annually.
This figure is projected to reach 1,300 MtCO₂ by 2050—just 6% of global emissions. To align with net-zero goals, this capacity would need to be six times higher.
Short-term growth is being driven by North America and Europe, where natural gas processing dominates.
By mid-century, hard-to-abate sectors like steel and cement are expected to account for 41% of annual CO₂ captured. Maritime onboard capture is also expected to scale from the 2040s.
Costs are forecast to fall by 40% by 2050, yet economic uncertainty remains a threat. “Economic headwinds in recent years have put pressure on this capital-intensive technology,” Engel said.
Carbon dioxide removal (CDR) technologies will also be crucial.
DNV projects 330 MtCO₂ will be removed annually by 2050, mostly via bioenergy with CCS. Direct air capture will remain costly at around USD 350 per tonne but is still expected to contribute 84 MtCO₂ per year by mid-century.
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