DAVOS, SWITZERLAND - January 21, 2016 — The Global CO2 Initiative was launched today during the annual meeting of the World Economic Forum. The Initiative, and its research funding arm CO2 Sciences, will catalyze innovative research in carbon capture and utilization (CCU). It will also accelerate commercialization of CCU products. Preliminary estimates put the annual market for CCU products at $800 billion - $1.1 trillion by 2030 with potential annual reduction of CO2 in the range of two to three gigatons.
McKinsey & Company previewed preliminary findings from an unprecedented and comprehensive market assessment conducted on behalf of CO2 Sciences, Inc. The assessment cataloged the many existing and potential CCU products, including fuels, materials, chemicals, plastics, agriculture, food and industrial gases. The market assessment is based on rigorous projections of the potential revenues and carbon capture.
Individuals presenting at the launch event included:
The following dignitaries in attendance also made comments:
The Global CO2 Initiative (GCI) was created to develop and commercialize the trillion dollar CO2 products industry. These products use recycled CO2 as a key ingredient; examples include cement, aggregates, chemicals, polymers and carbon fiber. The Initiative coordinates with international partners focused on a common mission to deploy and scale CO2 products across multiple sectors.
CO2 Sciences, the non-profit arm of the GCI, will award R&D funding to qualified research applicants creating innovative technologies. The GCI commercialization arm will work in parallel to accelerate the market for CO2 products by investing in commercial-stage companies. For more information, visit www.globalco2initiative.org and follow the Global CO2 Initiative on Twitter: @reuseCO2