CARBON FOOTPRINT REDUCTION MARKET Challenges and Opportunities

There are significant high initial costs associated with implementing and adopting carbon reduction technologies across various industries and sectors. Transitioning to low carbon economy requires huge capital investments in new plant and machinery, equipment and infrastructure which are more efficient and produces lower carbon emissions. However, these carbon abatement technologies such as carbon capture and storage, renewable energy technologies, and energy efficient devices are currently more expensive than conventional fossil fuel-based technologies.

Market Opportunity - Advancements in technology for carbon capture and storage

There have been major advancements in various carbon reduction technologies which presents lucrative opportunities for growth in the global carbon footprint reduction market. One such promising technology is carbon capture and storage (CCS) which can play a vital role in decarbonizing heavy polluting industries. Continuous research and investments have improved the technical and economic feasibility of CCS. New cost-effective methods are being developed to capture carbon from industrial facilities and storing it safely and permanently underground. This has increased confidence among companies to implement large-scale CCS projects.