The global status of carbon capture and storage: ambition to action
Nabeela Raji A * , Chris Consoli A , Matt Steyn A and Ian Havercroft AA Global CCS Institute, Melbourne, Vic., Australia.
The APPEA Journal 63 S423-S427 https://doi.org/10.1071/AJ22138
Accepted: 22 February 2023 Published: 11 May 2023
© 2023 The Author(s) (or their employer(s)). Published by CSIRO Publishing on behalf of APPEA.
Abstract
As the global response to climate change advances from ambition to action, the past few years have witnessed unprecedented levels of investments in carbon capture and storage (CCS), with the pipeline of commercial facilities continuing to grow as the technology becomes increasingly competitive and commercial in many countries. Key trends underpinning this momentum include the rise of the network project model enabling the use of shared infrastructure, the incorporation of CCS in private sector investment strategies, ESG (environmental, social and governance) considerations, green taxonomies and the industrial-scale production of hydrogen to meet demand. With CCS receiving increased awareness in international climate policy negotiations, a renewed focus on developing supportive policy, legal and regulatory mechanisms by national governments are also driving CCS deployment. Established leaders and early-movers in CCS-relevant policy, such as the United States, European Union and the UK, continue to maintain or strengthen their positions by allocating significant levels of funding for tax credits, subsidies and grants. Similarly, countries in the Asia-Pacific region, notably China, Indonesia, Malaysia and Thailand, are also advancing policies to incentivise deployment, including through the establishment of CCS-specific legal and regulatory frameworks. The outlook for CCS is optimistic, however, current deployment rates fall far short of what is required to keep global warming below 1.5 or even 2 degrees. Further action is needed to unlock the full potential of CCS and realise the Paris climate goals.
Keywords: Article 6, carbon capture and storage, carbon dioxide, climate change, London Protocol, nationally determined contributions, net zero, Paris Agreement.
Nabeela Raji is Consultant – Legal and Regulatory at the Global CCS Institute and is based in Melbourne, Australia. As part of her role, she provides consultancy services on CCS-specific legal and regulatory issues and broader research and analysis of policy, legal and regulatory developments in the climate change and CCS space. Nabeela has worked in the CCS-related policy, legal and regulatory space since 2019 and possesses strong research experience on the key legal and regulatory issues and regional and global subject matter developments impacting CCS. Nabeela is a qualified Lawyer in Australia and Sri Lanka and before joining the Institute, worked in government and not-for-profit organisations in research roles relating to various policy and legal issues in both countries. She graduated with a Law degree from the University of Colombo and a Bachelor’s degree in Economics and Management from the University of London. |
Chris is Principal Consultant – Storage at the Global CCS Institute and works internationally in the low-carbon energy industry with technical expertise in the geological storage of CO2. He has focused his profession on carbon capture and storage (CCS) development and deployment. With over 10 years of experience, Chris has led multi-disciplinary teams to assess CO2 storage prospects and has worked on the full breadth of storage assessments from site evaluation through to multi-national initiatives. As well as CCS, Chris has expertise in climate change, energy systems and in the oil and gas industry. Chris is an experienced Geomodeller, Sedimentologist and Palaeontologist. Chris has been part of a variety of advisory boards and lectures at universities and is always keen to promote, discuss and share his experience and knowledge. Chris received his PhD from Monash University in Melbourne, Australia. |
Matt Steyn is the Advocacy and Communications Manager of the Asia Pacific (APAC) region, and is based in Melbourne, Australia. Matt is an experienced public and government affairs practitioner, having worked across CCS, upstream energy, consumer marketing and public relations campaigns in Australia and Asia. Matt holds a Master of Development Studies degree from the University of Melbourne. |
Ian Havercroft is the Principal Consultant – Policy, Legal and Regulatory at the Global CCS Institute, and is based in Melbourne, Australia. With over 10 years’ experience of working on CCS legal and regulatory matters, Ian has acted as an expert reviewer or an adviser to several organisations, including the International Energy Agency and the IEA Greenhouse Gas R&D Programme. Ian has published in peer-reviewed journals, undertaken consultancy projects and produced technical and non-technical reports on CCS law and regulation, as well as presenting his work in several international fora. |
References
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