South Korea ‘s Ministry of Science and ICT has unveiled a groundbreaking initiative to propel carbon capture and utilization (CCU) technology, leveraging private sector innovation to accelerate carbon neutrality efforts.
Last week, the Ministry hosted the official launch of the Carbon Capture and Utilization (CCU) Initiative at the Seoul Science and Technology Center. The event was attended by over 150 industry leaders, academic figures, and researchers, including Vice Minister Lee Chang-yoon.
The newly launched CCU initiative serves as a collaborative platform designed to expand the practical implementation of CCU technology, which captures carbon dioxide and transforms it into valuable products.
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The initiative will also foster discussions around legal and institutional reforms with a focus on private sector involvement. CCU is viewed as a crucial technology for achieving carbon neutrality while simultaneously creating high-value industries.
Experts predict that the global market for CCU could reach an estimated 800 trillion won (~$546 billion) by 2040.
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In addition to the launch, the Ministry of Science and ICT shared its strategy for advancing CCU technology. In the immediate term, the government will establish and manage research labs dedicated to CCU, aiming to secure leading-edge technologies in various fields and facilitate stronger connections between research and industry.
The Ministry also plans to initiate a global flagship project to work with other leading nations on joint development and demonstration of CCU technologies.
Looking further ahead, the plan includes promoting large-scale CCU demonstration projects that will link corporations, local governments, and government-funded research institutions.
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The goal is to create a robust industrial ecosystem that connects carbon dioxide supply chains to the production of marketable products.
The first phase of these projects will focus on carbon-intensive sectors such as cement and petrochemicals, with plans to extend the efforts to other industries in the future.
To encourage corporate participation in the CCU sector, the Ministry intends to establish clear operational guidelines for technology and product certification standards, as well as processes for validating specialized companies.