Government to Invest 1.4 Trillion Won in Carbon Capture and Storage Technology Development by 2030

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government will invest up to 1.4 trillion KRW by 2030 to secure carbon dioxide capture and storage (CCS) and develop related technologies.

The Ministry of Trade, Industry and Energy announced this CCS-focused promotion plan on the 3rd at the "Korea CO2 Storage Site Prospects and Storage Capacity Comprehensive Evaluation Symposium," co-hosted with the Ministry of Oceans and Fisheries.

Specifically, 408 billion KRW will be invested in securing storage sites and promoting new storage site exploration projects, 1.009 trillion KRW in developing storage operation technologies and storage efficiency innovation technologies, and 12 billion KRW in international cooperation such as early acquisition of commercial technologies through joint international research.

At the symposium, a comprehensive evaluation result was also disclosed, estimating that the carbon dioxide storage capacity of promising domestic CCS storage sites will reach 730 million tons. This corresponds to a scale capable of storing 24 million tons of carbon dioxide annually for 30 years. In addition, by conducting additional investigations on 'potential formations,' which are candidate storage sites with geological characteristics suitable for storage, and including some of them in 'promising structures,' an additional 200 million tons of storage is expected to be possible. The research team analyzed that if storage efficiency is improved through technology development, an additional 230 million tons can be increased, making a maximum storage capacity of 1.16 billion tons possible. Accordingly, the Ministry of Trade, Industry and Energy plans to carry out actual drilling work on the 'promising structures,' which have been comprehensively evaluated to have a storage capacity of 730 million tons, to directly verify the space.

Kang Kyungseong, Director of the Energy Industry Office at the Ministry of Trade, Industry and Energy, said at the event, "To realize CCS technology early, related ministries will cooperate to promote investments worth 1.4 trillion KRW by 2030 through preliminary feasibility studies in areas such as securing storage sites, technology development, and international cooperation," adding, "We ask related companies and research institutions to do their best in developing CCS technology and securing storage sites early."

CCS is a technology that captures carbon dioxide generated from the use of fossil fuels and safely stores it underground on land or under the ocean. Securing CCS storage sites and technologies is considered crucial to achieving carbon neutrality by 2050.

This content was produced with the assistance of AI translation services.