The World Coal Association welcomes the publication of the report “An International Commitment to CCS: Policies and Incentives to Enable a Low-Carbon Energy Future” by the Coal Industry Advisory Board (CIAB) to the International Energy Agency (IEA).
According to the report Governments must put in place well-designed policies and incentives that will encourage public and private banks to finance carbon capture and storage (CCS) projects.
The report notes that unless there is action on CCS we will be unable to meet the Paris agreement.
The IEA estimates 12 GW of CCS-enabled HELE plants will be required by 2020, 215 GW by 2030, and 664 GW by 2050 (IEA, 2012) to remain on a pathway to 2°C. Achieving the much more aggressive goal of well below 2°C will require even more aggressive deployment.
The report found that achieving the carbon reduction goals of the Paris Agreement must be approached in a manner that provides access to reliable, affordable energy, supports economic development and improves living standards.
According to the Intergovernmental Panel on Climate Change (IPCC), achieving a 2°C goal is estimated to be 138% more expensive without CCS (IPCC, 2014).
There are currently 38 large-scale CCS projects: 21 projects in operation or construction, 6 projects in advanced planning and 11 projects in earlier stages of planning.
Read the full report here (pdf)