Government to Promote Preliminary Feasibility Study for Carbon Dioxide Capture and Utilization Technology Development

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy and the Ministry of Science and ICT held the '1st Meeting of the Carbon Dioxide Capture and Utilization (CCU) Preliminary Feasibility Study (PFS) Planning General Committee' and announced on the 20th that they will actively promote the PFS planning for the '3050 CCU Technology Development and Integrated Demonstration Project' (tentative name).

In June, the Ministry of Trade, Industry and Energy and the Ministry of Science and ICT established the 'CCU Technology Innovation Promotion Strategy,' selecting 14 CCU product candidates with high commercialization potential and 59 CCU technologies requiring focused investment, and formulated plans to apply for a PFS for technology advancement and demonstration. This project is being carried out to achieve substantial greenhouse gas reduction effects by applying government-led supported CCU core technologies to companies.

To this end, the government plans to support demonstrations by categorizing the 14 CCU product candidates and 59 CCU technologies into three tracks according to their technology development levels, aiming for technology commercialization by 2030.

The Ministries plan to apply for the PFS investigation in the first half of next year, targeting project commencement in 2024.

At the meeting, the results of the corporate demand survey on the CCU product candidates conducted so far and the direction of the PFS planning were shared.

The Ministry of Trade, Industry and Energy stated, "We will do our best to achieve early commercialization by fostering CCU as a carbon-neutral new industry to secure a leading position in the global climate crisis market."

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