CC(U)S initiatives: Prospects and economic efficiency in a circular economy

Abstract

The transition to a circular economy model requires the creation of new zero-waste industries. One of the largest industrial wastes, technogenic CO2, now worries the whole world. One of the promising technologies able to turn CO2 into valuable products is carbon capture and utilization. CO2 utilization technologies could contribute to the creation of circular production cycles, but it remains unclear today whether they will become widespread. Thus, the aim of the research is to analyze the current state and prospects of CC(U)S initiatives in the light of a circular economy, as well as to present a case study on a CO2-based methanol production project in Iceland to assess the economic performance of existing CO2 utilization options. For this purpose, the possible contribution of CC(U)S initiatives to emission reduction was evaluated, the specifics of the production of the most mature CO2-based products were identified, and the economic efficiency of CO2 utilization was assessed using data on a methanol plant in Iceland.

Keywords

• Carbon dioxide
• CC(U)S initiatives
• Circular economy
• CO2 utilization
• Economic efficiency