Economic feasibility of microalgae as a biological carbon capture solution : financial comparison with traditional chemical carbon capture technologies

• Main Author: Walia, Aadi
• Format: Bachelor Thesis
• Language: English
• Published: 2024
• Subjects: fi=Energia- ja ympäristötekniikka|sv=Energi- och miljöteknik|en=Energy and Enviromental Engineering|; carbon dioxide; carbon capture and storage; emissions; greenhouse gases; microalgae; costs; renewable energy sources; climate changes; Environmental Engineering; Canada; Iceland; Orca
• Online Access: http://www.theseus.fi/handle/10024/862496

Despite the growing affordability of renewable energy, fossil fuels remain the largest source of global power supply, providing two-thirds of the world’s electricity. This is especially true in developingcountries that lack the infrastructure for large-scale adoption of renewable technologies. This highlights the crucial role of carbon capture in mitigating the effect of greenhouse gases on the environment, while non-renewable energy sources remain dominant. This thesis evaluated the economic viability of microalgae as a biological method for carbon capture by drawing comparisons with chemical technologies used today. The study conducted a comprehensive analysis of literature reviews, simulations, small-scale pilot tests, and real-life projects to thoroughly examine the costs per tonne of CO2 captured using chemical capture technologies and microalgae. Chemical methods were categorized based on their CO2 source: either from effluent gas or directly from the atmosphere. For each category, notable real-life projects were examined, including the Quest project in Alberta, Canada, and the Orca plant in Iceland. The findings indicated that the cost of capturing CO2 from effluent gas typically ranges from $40 to $80 per tonne, whereas costs for atmospheric capture are higher, ranging from $100 to $300 per tonne, however, real-life projects for both methods have higher costs, closer to $100 and $1000 respectively. For Microalgae, secondary sources suggest that the costs per tonne for microalgae capture are significantly higher than those for chemical methods, ranging from $800 to $1600, and even under the most favourable conditions are not expected to drop below $225. The adoption of microalgae as a biological capture method is highly dependent on the market value of the biomass produced, which could help offset the high capital and capture costs. In its current stage, however, microalgae cannot financially compete with chemical carbon capture technologies.