Techno-Economic Evaluation of Carbon Capture, Utilisation and Storage; Case Study of Scenarios in Western Macedonia, Greece

Abstract

Over the previous decades, the region of Western Macedonia in Greece has become home to heavy industrial clusters. Carbon capture, utilisation, and storage (CCUS) is an essential technology for climate change mitigation that could deliver significant economic growth. As part of the EU-funded STRATEGY CCUS project (2019-2022), two scenarios were developed and economically evaluated for the deployment of CCUS technologies in Western Macedonia. These scenarios were created using a novel software tool to analyse the CCUS business model in the Greek region. For this, two suitable local onshore geological sites were utilised for storing captured CO2. Five industries from different industrial sectors have been chosen for CO2 utilisation. Key Performance Indicators (KPIs) were calculated to measure this project’s long-term value and return on investment (ROI) while also measuring its short-term efficiency and profitability over the deployment process lifetime.