ANNOUNCEMENTS
Increasing temperatures causing heightened challenges of climate risk have led to the adoption of the 2-degree international goal by the Paris Agreement. These climate concerns along with stakeholder expectations (among other drivers) have pushed the energy industry to transition to a low carbon future. While a collective set of measures are required to reach these goals, Carbon Capture Utilization and Storage (CCUS) has consistently been identified as an integral part of a least-cost portfolio of technologies which will assist the energy transition to meet the global climate goal by organizations such as IEA, IPCC and many others. Historically Oil and Gas industry is well positioned to lead CCUS innovation owing to its traditional capabilities like geological storage capacities, depleted hydrocarbon reservoirs, existing infrastructure, etc., and technical resources like its expertise in subsurface technology. However, it is now working with a broader range of industrial and technology companies to advance innovations in the area, as it shifts to an open innovation model indulging in partnerships and alliances with startups, Joint Ventures, Mergers & Acquisitions etc. to source technologies. This way of sourcing technologies has led to a surge of startups innovating in the CCUS value chain. With this background, this study takes into account these industry shifts in CCUS technology development models and aims to provide a resource to the industry to improve collaboration efforts. Thus, tracking the activity of startups and industrial firms involved in CCUS innovation can help the O&G companies and other industries to identify appropriate partners and make better investment decisions, which the study aims to provide.
The objective of the study is to take stock of the innovation trends and develop insights in the CCUS ecosystem by tracking and analyzing the deployment of technology startups, and industrial firms which are developing CCUS innovation projects.
Keywords: CCUS; Carbon Capture Utilization and Storage; Technology Startups; Industrial firms; Patent analysis.
