CO 2 can also replace fossil fuels as a raw material in chemicals and polymers. The carbon in CO 2 enables the conversion of hydrogen into a fuel that is easier to handle and use, for example as an aviation fuel. The production of CO 2 -based fuels and chemicals is energy-intensive and requires large amounts of hydrogen. These chemical and biological conversion processes are attracting increasing interest from governments, industry and investors, but most are still in their infancy and face commercial and regulatory challenges. New pathways involve transforming CO 2 into fuels, chemicals and building materials. Most commercial applications today involve direct use of CO 2. Other commercial applications include food and beverage production, metal fabrication, cooling, fire suppression and stimulating plant growth in greenhouses. The largest consumer is the fertiliser industry, where 130 Mt CO 2 is used in urea manufacturing, followed by oil and gas, with a consumption of 70 to 80 Mt CO 2 for enhanced oil recovery. Globally, some 230 million tonnes (Mt) of carbon dioxide (CO 2 ) are used every year. In the transition to a net-zero CO 2 emission economy, the CO 2 would increasingly have to be sourced from biomass or the air. Some chemicals require carbon to provide their structure and properties while carbon-based fuels may continue to be needed where direct use of electricity or hydrogen is challenging (for example, in aviation). Quantification of these benefits can be challenging and improved methodologies are needed to inform future policy and investment decisions.ĬO 2 could be an important raw material for products that require carbon. CO 2 use applications can deliver climate benefits where the application is scalable, uses low-carbon energy and displaces a product with higher life-cycle emissions. Public procurement of low-carbon products could help to create early markets for CO 2-derived products with verifiable climate benefits.ĬO 2 use has potential to support climate goals, but robust life-cycle assessment is essential. The use of CO 2 in building materials is one such opportunity, but may require further trials and updating of standards for some products. The market for CO 2 use will likely remain relatively small in the short term, but early opportunities can be cultivated. This interest is reflected in increasing support from governments, industry and investors, with global private funding for CO 2 use start-ups reaching nearly USD 1 billion over the last decade. New pathways to use CO 2 in the production of fuels, chemicals and building materials are generating global interest. In the long term, CO2 sourced from biomass or the air could play a key role in a net-zero CO2 emission economy, including as a carbon source for aviation fuels and chemicals. Public procurement of low-carbon products can help to create an early market for CO2-derived products and assist in the development of technical standards. The market for CO2 use is expected to remain relatively small in the short term, but early opportunities could be developed, especially those related to building materials. A better understanding and improved methodology to quantify the life-cycle climate benefits of CO2 use applications are needed. Some CO2-derived products also involve permanent carbon retention, in particular building materials. CO2 use can support climate goals where the application is scalable, uses low-carbon energy and displaces a product with higher life-cycle emissions. All five categories could individually be scaled-up to a market size of at least 10 MtCO2/yr – almost as much as the current CO2 demand for food and beverages – but most face commercial and regulatory barriers. This analysis considers the near-term market potential for five key categories of CO2-derived products and services: fuels, chemicals, building materials from minerals, building materials from waste, and CO2 use to enhance the yields of biological processes. New opportunities to use carbon dioxide (CO2) in the development of products and services are capturing the attention of governments, industry and the investment community interested in mitigating climate change as well as in other factors, including technology leadership and supporting a circular economy.
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