Technology and demand forecasting for carbon capture and storage technology in South Korea

Abstract

Among the various alternatives available to reduce greenhouse gas (GHG) emissions, carbon capture and storage (CCS) is considered to be a prospective technology that could both improve economic growth and meet GHG emission reduction targets. Despite the importance of CCS, however, studies of technology and demand forecasting for CCS are scarce. This study bridges this gap in the body of knowledge on this topic by forecasting CCS technology and demand based on an integrated model. For technology forecasting, a logistic model and patent network analysis are used to compare the competitiveness of CCS technology for selected countries. For demand forecasting, a competition diffusion model is adopted to consider competition among renewable energies and forecast demand. The results show that the number of patent applications for CCS technology will increase to 16,156 worldwide and to 4,790 in Korea by 2025. We also find that the United States has the most competitive CCS technology followed by Korea and France. Moreover, about 5 million tCO2e of GHG will be reduced by 2040 if CCS technology is adopted in Korea after 2020.