Can it be applied to existing assets?
Yes, post-combustion carbon capture can be installed on both new and existing CO2 producing assets. For example, let’s consider retrofitting existing plants.
The retrofit strategy helps de-risk future carbon regulations that impact the decision to build a gas-fired power plant today. Furthermore, retrofits can significantly extend the lifetime of operating assets, extending their economic viability and even deferring costly decommissioning expenses with forced retirements. Carbon capture retrofits are expected to account for 50 percent of all CO2 capture projects by 2050 (source: IEA, 2020 Sustainable Development Scenario)
However, it is important to note that not every asset will be considered a good candidate because of things like available land, access to geologic storage formations, and lack of policy to encourage its deployment.