IEA Greenhouse Gas R&D Programme

Expert Meeting on Financing Carbon Capture and Storage Projects

Date: May 31st - June 1st, 2007

Rembrandt Hotel, 11 Thurloe Place, London, England

Rembrandt_HotelPicture from the Rembrandt Hotel Web Site

Organised by IEA Greenhouse Gas R&D Programme and IEA Clean Coal Centre

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Sponsored by Rio Tinto and World Coal Institute

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Background

The purpose of the meeting is to increase the involvement of experts from the financial sector and to discuss financial Instruments with industry and Government representatives to identify, encourage and develop world-wide collaboration and practical development of financial mechanisms to accelerate the use of CCS projects from R&D to commercial reality. The UNFCCC twelfth Conference of Parties (COP) in Nairobi, Kenya has effectively delayed the use of the Clean Development Mechanism (CDM) as a means of incentive until COP 14. Therefore it is important to identify other financial options and frameworks to move forward in the development and implementation of CCS projects

Key Meeting Objectives

  • Identifying key drivers on financing CCS projects by the financial sector
  • Contributing to building financial mechanisms for demonstration CCS projects
  • Gaining access to financial information relevant for industry and Government investors in CCS projects
  • Financing and business planning for CCS demonstration plants
  • Options for consortium arrangements for CCS demonstration plants
  • Use of futures, derivatives and insurance markets to reduce financial risks of CCS demonstration plants
  • To determine whether to establish a International Network for Carbon Capture and Storage Financial Instruments to encourage and develop world-wide collaboration and practical development of financial instruments to accelerate the use of CCS projects from R&D to commercial reality.

Agenda

Final Report Summary

Day 1 Thursday 31st May

Session 1: Opening Session: The status of CCS

0800

Registration Desk opens

0900

Welcome by John Topper, Managing Director of the Operating Agent for the IEAGHG R&D Programme and IEA Clean Coal Centre

0905

Opening Address: Preston Chiaro, Chairman of the World Coal Institute and Chief Executive of Energy for Rio Tinto: Issues surrounding CCS including current financial Incentives and government regulations for CCS Projects internationally

0930

Leo Meyer, Head of the Technical Support Unit for the Intergovernmental Panel on Climate Change (IPCC) WG III (Mitigation): The Role of CCS as a Mitigation Option within the IPCC Fourth Assessment on Climate Change Report

0950

Heleen Groenenberg, ECN, The Netherlands: Options for incentivizing CCS: the EU ETS vs. additional policy instruments.

1010

Discussion Group made up of speakers and Chaired by Preston Chiaro

1030 Morning Tea/Coffee

1050

Malcolm Wilson, Director of Centre for Studies in Energy and Environment, University of Regina: Results of Recent Innovation Forum on the Clean Carbon Economy concerning CCS.

1110

Peter Cook, Chief Executive, CO2CRC: : The Otway Project; how it is financed, what corporate structure is used, how liability and licensing issues are being addressed, how the project is insured and what are the implications for other Australian CCS Projects

1130

Mark Trexler, Director, Ecosecurities Global Consulting Services: Will future carbon prices make CCS a viable mitigation option, and what are the key factors going into answering this question?

1150

Panel Discussion by speakers and Chaired by Preston Chiaro

1215 Lunch sponsored by the World Coal Institute

Session 2: Industrial Perspectives on CCS and Experience

1330

Hans-Wilhem Schiffer, Senior Manager Energy Economics, RWE Power AG: The Financial Aspects of Implementing an IGCC CCS Project in Germany

1400

Michel Myhre-Nielsen, Manager CO2 Value Chains, Statoil New Energy: A Norwegian Perspective on Ongoing CCS Projects including the Mongstad project

1430

Bob Stobbs, Executive Director, SaskPower: The SaskPower Project

1500

Panel Discussion by Speakers and Chaired by Harry Audus

1530 Afternoon Coffee/Tea Break

1600

Brian Count, Chairman, Progressive Energy, United Kingdom: Building a CCS Project in the UK and the financial issues

1630

Mark Crowther, GASTEC at CRE: Mersey and Dee Basins Carbon Capture Scheme Inaugural Discussions

1700

Panel Discussion by Speakers and Chaired by Harry Audus

1715 Close Day 1
19.00 Reception and Dinner Hosted by Rio Tinto

 

Day 2 Friday 1st June

Session 3: Banks, Insurance and financing CCS projects

0900

Opening of Day Two by Chairman: Milton Catelin, Chief Executive of the World Coal Institute

0905

Anthony White, Managing Director of Market Development and Chairman of Advisory, Climate Change Capital: Equity and venture capital investment in CCS, what are the current options?

0925

Matthew Elkington, Vice President, Marsh Risk Consulting Practice: Options for managing liability in CCS projects.

0950

Adam Whitmore, Director, Economic Consulting, Deloitte: Policy options for incentivising low carbon power generation in different jurisdictions

1020

Panel Discussion made up of speakers and Chaired by Milton Catelin

1040 Morning Tea/Coffee

1100

Gerhard Mulder, Vice President Commodities Derivatives Market, ABN AMRO: Incentivizing CCS through market based mechanisms. Presented by Jos Cozijnsen, CJ Consulting

1130

Jeff Chapman, Chief Executive for the Carbon Capture and Storage Association (CCSA): Possible Regulatory Options for the UK Government to Enable CCS Projects

1200

Discussion, wrap up and next steps led by Chairman: Preston Chiaro

1230 Lunch sponsored by the World Coal Institute and close of workshop

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