This Strategic Analysis of the Global Status of CCS represents a line in the sand in terms of understanding the progress of the technology in terms of projects, economics, policy and legislative frameworks and status of R&D as at 31 March 2009. It is clear that the deployment of 20 or more integrated, commercial scale CCS projects by 2020 is technically feasible. Components of CCS technologies are available and are being commercially applied in the oil and gas and chemicals industry. However, they have not been integrated at commercial scale particularly for fossil-fuelled power generation, cement, aluminium and iron and steel production.
Political leadership at national and international levels will need to be shown to assist the deployment of CCS if theobjective is to be achieved. In the coming years, the integrated, commercial scale CCS projects identified in this study can be successfully developed and deployed through a three point plan involving:
- governments committing to support CCS projects through direct funding, introducing market based pricing mechanisms to assign a value to carbon, taking on long-term storage liability and underwriting the establishment of critical infrastructure;
- all CCS stakeholders educating the broader public that the technology must be deployed as part of a portfolio of climate change mitigation responses if the world is to avoid dangerous climate change;
- all nations, developed and developing, adopting CCS as part of their emissions reductions strategies where practicable.
The Global CCS Institute, working with other leading agencies in this space, can facilitate progress to achieve the
The mixture of credible financing mechanisms, legal and regulatory enablers, education of the public and international cooperation between countries can ensure theobjective is successfully met. There are encouraging signs that these issues are being addressed but more will be needed. Furthermore, they are needed urgently.
This study has shown that many of the challenges and gaps are greater than that which individual project proponents can resolve. The Global CCS Institute, working with other leading agencies in this space, can facilitate progress to resolve these but it must be backed by commitments from national Governments around to world.
The world has a window of opportunity to make real progress to advance CCS technology in the next few years. Adoption of the G8 objective to develop commercial scale, integrated CCS projects can act as an economic growth stimulus, ensure energy security and create the next generation of skilled jobs in a greener, environmentally sustainable economy.
The cost of action to develop and deploy CCS technologies as part of an energy revolution to decarbonise society will be high. Most studies indicate that the overall cost of mitigation will be even higher in the absence of CCS technology amongst the portfolio of mitigation options. However, when it comes to the fact that GHG mitigation technologies must be deployed if the world is to avoid dangerous climate change the cost of inaction will be far greater altogether.
Adoption of the G8 objective to develop commercial scale, integrated CCS projects can act as an economic growth stimulus, ensure energy security and create the next generation of skilled jobs in a greener, environmentally sustainable economy