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Putting CO2 to Use: Creating Value from Emissions Findings and recommendations Figure 5. Mature conversion route for CO2-derived fuels and chemical intermediates IEA 2019. All rights reserved. CO2 can be used to produce fuels and chemical intermediates through several conversion routes but require significant energy input. Estimated production costs of methanol and methane from CO2 in most regions of the world are currently 2 to 7 times higher than for their fossil counterparts. The chief cost factor is typically electricity, accounting for between 40-70% of the production costs, and hence very low average grid electricity prices are required for CO2-derived methanol and methane to be competitive. Even under these conditions, the direct use of low-carbon hydrogen and electricity as a fuel will be a more cost-effective option in most cases. Commercial production of CO2-derived methanol and methane could be possible in markets where both low-cost renewable energy and CO2 are available, such as in North Africa, Chile or Iceland. A prime example is the George Olah facility in Iceland that converts around 5600tonnes of CO2 per year into methanol using hydrogen produced from renewable electricity (CRI, 2019). Over time, production costs of CO2-derived fuels are expected to come down, mainly due to capital cost reductions and availability of low-cost renewable electricity and feedstock CO2. While CO2-derived methane and CO2-derived liquid fuels, such as diesel or aviation fuels, will continue to be uncompetitive in the absence of a stringent CO2 price regime, CO2-derived methanol may become competitive in more regions around the world, depending on local methanol market prices. Both CO2-derived methane and methanol can provide climate benefits, but the use of low- carbon energy for their production is critical. Analysis of the relevant literature shows that, in a best case scenario, emissions can be reduced by 74% to 93% for methanol and 54% to 87% for methane as compared to conventional production routes (Artz et al., 2018). However, extensive testing is needed before these products can be recognised by existing product quality standards. PAGE | 10 IEA. All rights reserved.PDF Image | Putting CO2 to Use Creating value from emissions
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