Institute publishes new paper highlighting value of CCS to society and the economy
13th May 2020
The Global CCS Institute published today an expert paper aiming to assess and redefine the value and full range of benefits of carbon capture and storage (CCS).The report demonstrates the positive society-wide benefits of the technology, including economic, social and environmental benefits and opportunities linked to this clean energy technology’s deployment.
“CCS needs to be an integral part of the solution to building resilient and climate neutral economies and deliver net-zero emissions. Investment in the technology also drives economic growth and employment. This paper brings together recent data, insights and analysis on CCS’ full potential. We hope that it will help policymakers assess the range of opportunities advanced by investing and deploying the technology”, said Guloren Turan, General Manager, Advocacy and Communications, Global CCS Institute.
The report analyzes the major benefits of the large-scale investment and deployment of CCS and discusses the existing evidence related to the value of CCS under two overarching themes.
CCS as an essential technology to economically meet long-term climate targets and for risk mitigation through:
- Achieving deep decarbonisation in hard-to-abate industry;
- Enabling the production of clean hydrogen at scale;
- Providing low-carbon dispatchable power;
- Delivering negative emissions.
CCS is a driver of economic growth and employment by:
- Creating and sustaining jobs;
- Supporting economic growth through new net-zero industries and innovation spillovers;
- Facilitating a just transition by alleviating geographic and timing mismatches;
- Enabling infrastructure reuse and deferral of decommissioning costs.