Opportunity for algae in carbon utilization is $320 billion market

In Virginia, a report by the Center for Climate and Energy Solutions takes a close look at using carbon emissions as a feedstock to more efficiently decarbonize economies around the world and identifies an opportunity for algae.

C2ES published “Carbon Utilization–A Vital and Effective Pathway for Decarbonization” to examine how carbon utilization processes not associated with enhanced oil production (EOR) might lead to emissions reductions. In other words, how CO2 can be captured and used to manufacture things like construction materials, fuels, plastics, chemicals and more.

ABO worked closely with C2ES on the report, and the chapter on algae identifies some near-term opportunities as well as larger applications that will unfold over time.

C2ES estimates that by 2025 the market for algae-based products will be approximately $14 billion, but then expand dramatically to $320 billion by 2030.