The publication highlights the value of CCS as “an essential part of the portfolio of technologies needed to achieve substantial global GHG emissions reduction in the most cost‐effective manner”, and targets those working at both national and international levels.
Issued by the IEA’s directorate of sustainable energy policy and technology, the paper points to the need for the development of robust and effective policy frameworks, stating: “Despite huge potential, there remains considerable doubt as to the precise role CCS will play. Deploying CCS requires policy action; it is not something that the market will do on its own.”
As well as making the case for robust CCS policy, the publication also offers advice on the structure a policy framework might take alongside an analysis of policy instruments to promote uptake of CCS technology – such as carbon tax or cap-and-trade schemes – and mechanisms to promote knowledge sharing.
It also points to the potential benefits of CCS for both developed and developing countries, suggesting that those tackling the highest emissions and holding the largest reserves of fossil fuels have the most to gain from supporting CCS in developing countries.
The report concludes: “Policy for CCS needs to be flexible, yet able to provide investors with enough certainty to make substantial financial commitments. Balancing these competing interests will be a substantial challenge.”
The IEA’s A Policy Strategy for Carbon Capture and Storage can be found here.
For more information on the document, contact Dr Wolf Heidug, Wolf.HEIDUG@iea.org
