Europe-China deal marks debut in carbon capture & storage market

The global carbon capture and storage market recently witnessed a rather transformative JV that may perhaps have the potential to partially resolve worldwide carbon emission issues. A joint project between the European & Chinese energy & research organizations has been launched to produce clean electricity from fossil fuels, cite sources. Apparently, the aim of the project is to drastically reduce the emissions of carbon dioxide from the power sector and subsequently improve the efficiency of the CO2 capture chain.As per Energy Live News, one of the energy & research organizations partaking in the joint project revealed that it would be developing a 3-Megawatt pet coke fired power plant in the Sichuan county of China, which is touted to be the largest in the world.

Elaborating on the process, sources cite that in this new innovative process, CO2 will be highly concentrated and will be immediately trapped without being released in the atmosphere. The captured CO2 will be then stored and reused to make valuable chemicals. The steam and electricity produced from the hydrocarbons will further be used by the energy dealers in other industrial sites.

According to experts, this is the first time that the Chinese and European researchers have collaborated to work on carbon capture technology. The joint project between the two is expected to leave a rendering impact on the regional carbon capture and storage industry share.

According to ITWire, this is also the foremost consortium that will bring several international experts of this field under one roof. For the record, eight major carbon capture and storage industry partners including Total from France, Norway’s SINTEF Energi, Zhejiang University and Tsinghua University from China have signed the four-year Chinese European Emission Reducing Solutions (CHEERS) project. The budget of the project is estimated to be around €20 million with the financial backing of China’s Ministry of Science and Technology and the European Commission.