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Article

Business Models for Carbon Capture, Utilization and Storage Technologies in the Steel Sector: A Qualitative Multi-Method Study

1
University of Edinburgh Business School, 29 Buccleuch Place, Edinburgh EH8 9JS, UK
2
School of Environment, Enterprise and Development, University of Waterloo, Waterloo, ON N2L 3G1, Canada
*
Author to whom correspondence should be addressed.
Processes 2020, 8(5), 576; https://doi.org/10.3390/pr8050576
Received: 15 April 2020 / Revised: 6 May 2020 / Accepted: 7 May 2020 / Published: 13 May 2020
(This article belongs to the Special Issue Carbon Capture, Utilization and Storage Technology)
Carbon capture, utilization, and storage (CCUS) is a combination of technologies capable of achieving large-scale reductions in carbon dioxide emissions across a variety of industries. Its application to date has however been mostly limited to the power sector, despite emissions from other industrial sectors accounting for around 30% of global anthropogenic CO2 emissions. This paper explores the challenges of and requirements for implementing CCUS in non-power industrial sectors in general, and in the steel sector in particular, to identify drivers for the technology’s commercialization. To do so we first conducted a comprehensive literature review of business models of existing large-scale CCUS projects. We then collected primary qualitative data through a survey questionnaire and semi-structured interviews with global CCUS experts from industry, academia, government, and consultancies. Our results reveal that the revenue model is the most critical element to building successful CCUS business models, around which the following elements are structured: funding sources, capital & ownership structure, and risk management/allocation. One promising mechanism to subsidize the additional costs associated with the introduction of CCUS to industry is the creation of a ‘low-carbon product market’, while the creation of clear risk-allocation systems along the full CCUS chain is particularly highlighted. The application of CCUS as an enabling emission reduction technology is further shown to be a factor of consumer and shareholder pressures, pressing environmental standards, ethical resourcing, resource efficiency, and first-mover advantages in an emerging market. This paper addresses the knowledge gap which exists in identifying viable CCUS business models in the industrial sector which, with the exception of a few industry reports, remains poorly explored in the academic literature. View Full-Text
Keywords: carbon capture; utilization and storage; business model; steel sector; decarbonization carbon capture; utilization and storage; business model; steel sector; decarbonization
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MDPI and ACS Style

Muslemani, H.; Liang, X.; Kaesehage, K.; Wilson, J. Business Models for Carbon Capture, Utilization and Storage Technologies in the Steel Sector: A Qualitative Multi-Method Study. Processes 2020, 8, 576. https://doi.org/10.3390/pr8050576

AMA Style

Muslemani H, Liang X, Kaesehage K, Wilson J. Business Models for Carbon Capture, Utilization and Storage Technologies in the Steel Sector: A Qualitative Multi-Method Study. Processes. 2020; 8(5):576. https://doi.org/10.3390/pr8050576

Chicago/Turabian Style

Muslemani, Hasan, Xi Liang, Katharina Kaesehage, and Jeffrey Wilson. 2020. "Business Models for Carbon Capture, Utilization and Storage Technologies in the Steel Sector: A Qualitative Multi-Method Study" Processes 8, no. 5: 576. https://doi.org/10.3390/pr8050576

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