Measurement, reporting and verification and accounting for carbon dioxide removal in the context of both project-based approaches and national greenhouse gas inventories
- 15 October 2024
- Industry Insights
- Policy & Regulation
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Emrah Durusut, Elian Pusceddu
Citation: IEAGHG, "Enabling CCS Clusters", 2018-01, February 2018.
It is widely considered that deployment of carbon capture and storage (CCS) for clusters of energy intensive industries (EIIs) will become vital for meeting long-term greenhouse gas (GHG) reduction targets, and is a cost effective way for doing so, according to organisations such as the International Energy Agency (IEA) and Intergovernmental Panel on Climate Change (IPCC). In addition, it will be important to develop the related finance mechanism quickly to prevent carbon leakage, i.e. businesses transferring operations to places with less stringent GHG emission standards. Recent evidence highlights there might be different needs and challenges in deployment of industrial clusters, compared to those involving power generation. IEAGHG’s Technical Report 2015/03 “Carbon capture and storage cluster projects: review and future opportunities” reviews 12 CCS cluster projects and finds that the most successful clusters are currently based on CO₂-EOR in North America. This is to be expected as EOR provides a commercial benefit to investors in such activities.Further requirements for ICCS clusters include: generating confidence for per-investment in CCS infrastructure, new methods to attract international investment and systematic development of CCS cluster business plans. However, more information is necessary regarding the transferability of conclusions for CCS clusters based on power generation incentives, such as a UK Contract for Difference (CfD), to those involving multiple industry sectors, and especially EIIs.This study examines the economic and commercial arrangements needed to enable the global deployment of industrial CCS clusters. Over a period of eight months, with significant input from stakeholders from industry, government and the investment community, the project has identified the key enablers to unlock private investment in ICCS and developed four business models, which are expected to work in various regions around the world including North America, Europe, Australia and China.
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