Abstract

As the global community intensifies efforts to mitigate climate change, Carbon Capture and Storage (CCS) has emerged as a critical technology for reducing carbon dioxide (CO2) emissions from industrial and power generation sources. This paper explores the economic and environmental impacts of CCS, evaluating both the benefits and challenges associated with its deployment. Economically, CCS presents significant cost considerations, including expenses related to capture, transportation, and storage. However, advancements in technology, economies of scale, and supportive policy frameworks can mitigate these costs and enhance the financial viability of CCS projects. The paper assesses various cost factors, including capital investments, operational expenditures, and the potential for cost reduction through innovation and scale. On the environmental front, CCS offers substantial benefits by reducing CO2 emissions and contributing to climate change mitigation goals. The paper examines the effectiveness of CCS in decreasing atmospheric CO2 concentrations, its role in achieving net-zero emissions, and its potential for complementing renewable energy sources. Additionally, we address the environmental implications of CO2 storage, including the risks associated with leakage and the long-term security of storage sites. By analyzing case studies and model scenarios, the paper provides insights into the practical impacts of CCS on both the economy and the environment. The findings underscore the importance of continued research, technological advancement, and supportive policies in maximizing the positive impacts of CCS while addressing its challenges.