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

Abstract

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.

Contextualizing technology transfer: a review of university-industry transfer in the construction industry

“…In this regard, the literature has explored strategies, business management tools and frameworks that have the purpose of achieving a sustainable planning process and reaching the market. Specifically, studies have been undertaken to evaluate and identify optimal management practices in TT in the construction industry (Alwan et al, 2017;Muslemani et al, 2020;Shakeel et al, 2017;Suprun et al, 2019;Li, 2018a, 2018b).…”

“…Through this case study, ineffective strategies, policies and leadership were highlighted, which have prevented the full exploitation towards sustainable production. Next, by exploring the theoretical underpinnings of lowcarbon technology business models and through semi-structured interviews with industry experts and academics,Muslemani et al (2020) point to revenue as the central element in creating value for these business models. However, despite the promising potential of low-carbon technologies for energy efficiency in the construction sector, the lack of a viable business model has deterred the commercialisation of these technologies developed within universities(Muslemani et al, 2020) Shakeel et al (2017).…”

“…Next, by exploring the theoretical underpinnings of lowcarbon technology business models and through semi-structured interviews with industry experts and academics,Muslemani et al (2020) point to revenue as the central element in creating value for these business models. However, despite the promising potential of low-carbon technologies for energy efficiency in the construction sector, the lack of a viable business model has deterred the commercialisation of these technologies developed within universities(Muslemani et al, 2020) Shakeel et al (2017). present a comprehensive framework for effective commercialisation of renewable energy technologies in Finland, highlighting the importance of university-industry collaboration.…”

Opportunities and challenges for decarbonizing steel production by creating markets for ‘green steel’ products

“…Although a number of industry-focused studies (e.g. Element Energy, 2018; Muslemani et al, 2020) have suggested that the creation of a green steel product market may be a viable means of creating a revenue stream to support greener steel production, key questions remain, including: 1) what would a 'green' steel product actually be? 2) how could governments support the creation of markets for such products?…”

A Process for Carbon Dioxide Capture Using Schiff Bases Containing a Trimethoprim Unit

“…Various processes have been established for the capture and storage of CO 2 , resulting in the reduction of its concentration in the atmosphere [11][12][13][14][15][16]. The capture technique requires the separation of CO 2 from other gases at a high pressure followed by its adsorption [17].…”