Release Date: 2009
Carbon capture and storage (CCS) is an important part of the lowest-cost greenhouse gas (GHG) mitigation portfolio. This roadmap includes an ambitious CCS growth path in order to achieve its GHG mitigation potential, envisioning 100 projects globally by 2020 and over 3,000 projects by 2050. This roadmap's level of project development requires an additional investment of over USD 2.5-3 trillion from 2010 to 2050, which is about 6% of the overall investment needed to achieve a 50% reduction in GHG emissions by 2050. By this estimate, CCS could contribute up to 1/5th of global greenhouse gas emissions reductions from the energy sector by 2050.
In order to achieve this level of project development, OECD governments will need to increase funding for CCS demonstration projects to an average annual level of USD 3.5 to 4 billion (bn) from 2010 to 2020. In addition, mechanisms need to be established to incentivise commercialisation beyond 2020 in the form of mandates, GHG reduction incentives, tax rebates or other financing mechanisms.
- Carbon Capture and Storage is an important part of the lowest-cost greenhouse-gas mitigation portfolio. Without CCS, costs to halve emissions by 2050 rise by 70% in the electricity sector. This roadmap envisions 100 projects globally by 2020 and over 3,000 projects in 2050.
- This roadmap’s level of project development requires an additional investment of over USD 2.5 to USD 3 trillion from 2010 to 2050, which is about 6% of the overall investment needed to achieve a 50% reduction in greenhouse-gas emissions by 2050.
- The developed world must lead in the next decade by investing an average of USD 3.5 to USD 4 billion annually between 2010 and 2020. However, CCS technology must spread rapidly to the rest of the world through expanded international collaboration and financing for CCS demonstrations in developing countries at an average annual level of USD 1.5-2.5 billion between 2010 and 2020.
- Carbon Capture and Storage is more than a strategy for “clean coal”. CCS technology must be adopted by biomass and gas power plants, in the fuel transformation and gas processing sectors, and in emissions-intensive sectors like cement, iron and steel, and chemicals manufacturing.
- The milestones in this roadmap will only be achievable via expanded international collaboration. New efforts to provide developing country knowledge/technology transfer are needed. Industry sectors with a global reach should also expand their CCS collaborative efforts.
Energy Technology Perspectives 2012: