TECO 2030: Onboard CCS is technically and financially viable, study confirms
Onboard carbon capture and storage (CCS) is technically and financially viable, a feasibility study jointly conducted by Norwegian engineering company TECO 2030 ASA and Austrian-based automotive consulting firm AVL List GmbH has concluded.
As explained, by installing onboard carbon capture and storage equipment, the shipping industry has the potential to significantly reduce CO2 emissions. This is an important part of reducing shipping’s environmental footprint, TECO 2030 said.
Last month, TECO 2030 and AVL joined forces on the feasibility study to explore the potential of carbon capture and storage in the maritime industry, focusing on the vessel capabilities and robustness of the technology.
Following the completion of the study, the next phase will be a pilot development and test for maritime applications, according to TECO 2030. This phase will focus on the verification and optimization of the technologies.
According to the Paris Agreement, global greenhouse gas emissions need to be cut in half to stay below the global warming limit of 2 degrees Celsius. If left unregulated, international maritime transport is expected to be responsible for 17% of global greenhouse gas emissions by 2050. Although shipping is by far the most carbon efficient mode of commercial transport, greenhouse gas emissions from shipping are estimated to be about 3% of total global emissions today and predicted to increase rapidly towards 2050, if no actions are made.
As an example, a average capsize ship with a yearly consumption of approx. 15.000 tons of fuel, which will equal to approx. 45.000 tons of CO2 emissions.
TECO 2030 claims that these CO2 emissions can be reduced by 30-40% with the company’s CCS technology onboard and have a large impact on the ship’s Energy Efficiency Index (EEXI) and Carbon Intensity Index (CII). Specifically, the CCS technology would be integrated as part of TECO 2030 Future Funnel and will be a central add-on technology optimizing decarbonization and ensuring efficient vessel operation.
“The carbon capture and storage is very attractive for shipowners who seek to future proof their vessels to meet decarbonization plans and strategies,” Tore Enger, CEO of TECO 2030 ASA, said.
“According to Clarksons Research Portal, the CCS technology will be beneficial to over 80.000 vessels globally, and the CO2 emission reduction possibilities onboard are endless.”