CCAS Impact Interview

A Deep Dive into the Current State of the Korean CCUS Market and its International Partners

In this Impact Interview, we had the honor of speaking with Mr. HoSeob Lee, the Director General of the Korean CCUS Association. Mr. Lee has been instrumental in advancing CCUS technologies and practices in South Korea, contributing significantly to the country's energy transition goals. This conversation provided valuable insights into the current state of the Korean CCUS market, recent technological advancements, and the potential for future collaboration between South Korea and other nations, including Australia.

Key Takeaways:

Korea’s Unique CCUS Market Challenges:

South Korea, as a major industrialized nation and one of the top seven global emitters, faces unique challenges with CCUS due to its heavy reliance on exports and advanced technology sectors like construction and heavy industry. The country’s limited CO2 storage capacity relative to its emission volume necessitates international cooperation, particularly with nations like Australia and Southeast Asian countries that have abundant storage potential.

Importance of Reducing CCUS Costs:

Mr. Lee highlighted that while CCUS is a proven technology, the high costs of its implementation remain a barrier. Lowering these costs is crucial for broader adoption, which can be achieved through technological advancements in areas such as carbon capture, transportation, and storage. This underscores the importance of collaboration between industries and governments to drive innovation.

Technological Advancements:

South Korea is at the forefront of developing carbon capture technologies, with particular emphasis on cost reduction and efficiency improvements. Promising technologies include membrane-based carbon capture, as well as advances in CCU technologies like chemical carbonization and mineral carbonation. These innovations will help South Korea and other regions like Australia reduce emissions and create new business opportunities.

Collaboration and Global Partnerships:

Given its limited storage capacity, South Korea is actively seeking partnerships with countries that can offer storage solutions. Mr. Lee emphasized the importance of collaboration, especially with Australia and Southeast Asia, to ensure the success of CCUS initiatives in the region and to drive the global transition to a low-carbon economy.