CANBERRA, Australia, November 4 /PRNewswire/ -- The world needs to broaden the commercial development of carbon capture and storage (CCS) projects across industries, geographies and technologies in order to accelerate deployment, according to the Global CCS Institute's second key report released today.
The report was commissioned by the Global CCS Institute to characterise an 'Ideal Portfolio' of projects that have the greatest potential to significantly contribute to large-scale commercial CCS deployment by 2020.
As part of its drive to increase CCS knowledge, bring down costs and build public confidence in the technology, the Global CCS Institute will use an Ideal Portfolio as one of its tools to prioritise support for projects. The great majority of the Global CCS Institute's AUD$100m annual budget will be focussed on taking large scale CCS projects forward.
Prepared by L.E.K. Consulting, and based on extensive analysis and consultation with global experts, the report details a diverse but deliberate combination of 26 priority projects that together would ensure the world is best placed to address the different hurdles facing CCS today.
The creation of the Ideal Portfolio recognises the importance of the largest CO2 emitting sectors, and allocates six projects to the iron and steel, and cement industries, singling them out as sectors whose technological progress and contribution is underestimated.
Global CCS Institute CEO Nick Otter said The iron and steel, and cement industries are responsible for over 20 per cent of the world's CO2 emissions. If CCS is to contribute to the deep cuts in emissions the world needs, then industry must be part of the solution.
The report naturally prioritises the Power Generation sector, given its own contribution to global emissions and the scale and effort it is putting into CCS, recommending a minimum of 17 projects types but spreading them across different fuel and technology combinations.
The report recognises that some industry sectors, including gas extraction and processing, while representing only a small share of global emissions, already carry out CO2 separation. These industries can provide early opportunities for CCS development, and are also prioritised in an Ideal Portfolio due to their ability to accelerate deployment.
It is recommended that the majority of projects in an Ideal Portfolio be located in North America, Europe and China due primarily to their share of global emissions. Australia and Japan are also classified as priority regions with an allocation of approximately 15 per cent of projects, due to their favourable policy and regulatory environments.
Deploying CCS is about deploying technology. If we want rapid deployment we must build on the technology set and take advantage of the regulatory conditions that exist in those countries that have been part of the advance guard, said Nick Otter.
The report also provides the Global CCS Institute with a suggested framework for deciding which projects it should support, and the means by which support should be provided.
The complete report An Ideal Portfolio of CCS Projects and Rationale for Supporting Projects can be found at www.globalccsinstitute.com
Notes to editors
About the Global CCS Institute:
* The Global CCS Institute is an initiative to accelerate the worldwide commercial deployment of at-scale CCS, whereby CO2 is captured, transported and then injected deep underground for secure, long-term storage.
* The Global CCS Institute has unprecedented international support, with more than 20 national governments and over 130 leading corporations, non-government bodies and research organisations signed on as Members or Collaborating Participants.
* The Global CCS Institute's first report - 'Strategic Analysis of the Global Status of Carbon Capture and Storage' (released on 28 October 2009) was undertaken by a WorleyParsons-led consortium to review and analyse the world's current CCS projects.
For further information please contact: Chandran Vigneswaran Communications Media Global CCS Institute P +61-(0)-2-6175-5331 M +61-(0)-414-762-390 E firstname.lastname@example.org
SOURCE: Global CCS Institute
CONTACT: Chandran Vigneswaran, Communications Media of Global CCSInstitute, +61-(0)2-6175-5331, mobile +61-(0)-414-762-390,email@example.com