Beijing Hosts Historic Inauguration of ICTO to Propel Global CCUS Innovation
Beijing Hosts Historic Inauguration of ICTO to Propel Global CCUS Innovation
On July 11, an influential assembly took place in Beijing, marking the inauguration of the International CCUS (Carbon Capture, Utilization, and Storage) Technology Innovation Cooperation Organization (ICTO). This significant event aimed to unite global leaders in the fight against climate change, with the support of the China Petroleum Chemical Corporation (Sinopec) and the China Association for Science and Technology (CAST).
This inaugural event gathered over 90 representatives from 12 different countries across four continents, establishing a robust platform for collaboration among leading enterprises, industry associations, research institutions, and academic experts. The fundamental goal of the ICTO is to foster technological innovation and enhance the practical application of CCUS technology, aiming to create a community focused on shared responses to climate challenges.
A Vision for Sustainability
The organization operates under the guiding principle of Innovating For Carbon Pathway, Sharing The Future. It endeavors to build a credible and authoritative global network for collaboration in carbon technology initiatives. At this assembly, the charter for the ITCO was reviewed and approved, with key leadership roles established including a director, deputy director, and general secretary. Notably, Ma Yongsheng, an academician of the Chinese Academy of Engineering and chairman of Sinopec, was elected as the director.
During the inauguration, Ma Yongsheng emphasized the vital role of ICTO by stating, "The establishment of ICTO not only demonstrates the global community's firm commitment to tackle climate change, but also is a collective declaration of tangible action." His words underline the urgency and necessity of substantial dialogue and cooperation among all stakeholders to ensure CCUS technology becomes a cornerstone in the global transition to carbon neutrality.
CCUS as a Key Player in Climate Goals
There is a growing consensus globally on the necessity of addressing climate change and pursuing net-zero emissions. A total of 151 countries have articulated ambitions pertaining to carbon neutrality. As this movement gains momentum, CCUS technology has emerged as a formidable solution, capable of contributing up to 15 percent of the emissions reduction needed to achieve global carbon neutrality goals. However, to realize this potential, the capacity for CCUS projects must expand over 100 times by the year 2050.
Sinopec has been at the forefront of this crucial industry, having launched China's first CCUS initiative at Shengli Oilfield in 2012. The company has continuously led advancements in CCUS, including the commercial operation of China's first megaton-scale CCUS project in 2022 and the completion of the nation's first long-distance CO₂ transmission pipeline in 2023. These accomplishments highlight Sinopec's substantial commitment and leadership in propelling China's CCUS industry forward.
Conclusion
The inauguration of ICTO is more than just a symbolic gathering; it represents a pivotal step toward uniting global efforts in innovative technology to combat climate change. The collaboration among 50 influential entities marks a significant move towards collective action in reducing carbon emissions and achieving long-term sustainability goals. As the world continues to face the challenges of climate change, organizations like ICTO play a crucial role in guiding transformative efforts in CCUS technology and solidifying the pathway towards a sustainable future for all.
With technological innovation at its core, the ICTO seeks to create lasting partnerships among global leaders, driving forward initiatives that not only meet today's climate ambitions but also pave the way for a resilient planet for future generations.