DNV: Commercial uptake of OCC relies on industry collaboration
The success of onboard carbon capture (OCC) depends on collaboration between regulators, policy makers, industry stakeholders, class, and suppliers, according to DNV’s newest report.
The OCC is attracting interest within the shipping industry, providing shipowners with the opportunity to continue operating on conventional fuels while reducing emissions.
With decarbonization targets rapidly approaching, demand for cost-efficient solutions for emission reduction is increasing. DNV’s latest whitepaper “The potential of onboard carbon capture in shipping” explores OCC as a decarbonization solution for shipping.
CCUS is the process of capturing CO2 and recycling it for future use or permanently storing it in deep underground geological formations.
The maritime industry is exploring its application onboard ships, which will require an onboard system to capture, process and store the CO2, and a network of offloading which is integrated into wider carbon capture, utilization, and storage (CCUS) infrastructure.
The report tackles technical, economic, operational, and regulatory challenges, as well as the integration into the carbon capture, utilization, and storage value chain.
“OCC is expected to be part of a range of future options which will help shipping achieve its decarbonization goals. However, further collaboration and testing is required to verify its performance. The commercial attractiveness of OCC will depend on the terms under which regulations can credit the removal of carbon emissions, and how smoothly it can be integrated into the growing CCUS value chain,” Chara Georgopoulou, Head of Maritime R&D and Advisory Greece, said.
For OCC to be relevant for wider application, it must be economically viable and competitive with other decarbonization alternatives, according to DNV.
The EU ETS is the only regulatory framework currently providing commercial incentives for OCC.
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