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Global investment in carbon capture and storage (CCS) is projected to reach $80 billion over the next five years.

With capture and storage capacity expected to quadruple by 2030, according to DNV’s Energy Transition Outlook: CCS to 2050. Current global capacity stands at 41 million tonnes of CO₂ annually and is forecast to rise to 1,300 MtCO₂/year by 2050, covering 6% of emissions. However, this is only one-sixth of what’s needed to meet net zero goals. Growth is being driven by North America and Europe, with future expansion into hard-to-abate sectors like steel, cement, and maritime. CCS costs are projected to fall by 40% by 2050, though deployment will remain policy-dependent. Carbon dioxide removal (CDR), led by BECCS, is expected to capture 330 MtCO₂ by 2050. Direct Air Capture will remain expensive but grow steadily. DNV emphasizes that rapid scaling and regulatory support are crucial for CCS to help meet climate targets.