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Global CCS Institute Announces Appointment of Head of MENA Region
Global CCS Institute Announces Appointment of Head of MENA Region

16th December 2021

Abu Dhabi, UAE – The Global CCS Institute is pleased to announce the appointment of Dr. Mohammad Abu Zahra as Head of Middle East/North Africa (MENA) Region. Dr. Abu Zahra will join the Institute on January 17, 2022, and will be based in Abu Dhabi, UAE.

Dr. Abu Zahra has deep expertise in CCS developed through nearly 20 years of academic, research and business experience.  He was most recently professor of chemical engineering and the leader of the CO2 capture research activities at Khalifa University of Science and Technology in Abu Dhabi.  He has also held academic and technical leadership positions at Masdar Institute of Science and Technology in Abu Dhabi, the International Energy Agency Greenhouse Gas R&D Programme (IEAGHG) in Cheltenham, UK, and at the Netherlands Organization for Applied Scientific Research (TNO) in Delft, Netherlands.

Jeff Erikson, General Manager for Client Engagement at the Global CCS Institute, commented on the appointment of Dr. Abu Zahra: “We are excited to have such a distinguished and accomplished expert as Mohammad leading our work in the MENA region.  We are looking forward to partnering with governments and businesses in the region to accelerate the deployment of CCS, and our presence on the ground will enable much closer working relationships with key CCS stakeholders. CCS is an essential tool to support the transition to a net-zero economy, and the MENA region is poised for significant investment in CCS.”

Commenting on his appointment, Dr. Abu Zahra said: “I am excited to begin my work with the Global CCS Institute to accelerate deployment of CCS in the MENA region. CCS is an important technological option for emissions reduction in the region. The Institute’s expertise cuts across numerous disciplines, and I am looking forward to working with my new colleagues from around the world to apply our capabilities to address the CCS challenges and opportunities that exist here.”

The Institute’s office will be located in the Masdar Free Zone. After January 17 Dr. Abu Zahra may be reached at mohammad.abuzahra@globalccsinstitute.com, or [+971(0)45230880].

 

Response to the Announcement of the Low Emissions Technology Commercialisation Fund
Response to the Announcement of the Low Emissions Technology Commercialisation Fund

10th November 2021

The Australian Federal Government has announced it will establish a $1 billion technology fund to develop low-emissions technologies. The fund will be administered by the Clean Energy Finance Corporation (CEFC) and seek to attract half of the funding from the private sector, allowing the CEFC to invest in new areas including carbon capture and storage (CCS).

The Global CCS Institute’s General Manager – Commercial, Alex Zapantis, said CCS was one of the climate solutions essential to reaching net-zero by 2050.

“CCS is pivotal to our global response to climate change, is commercially available today and is well placed to strengthen our economy and support jobs. We need all climate mitigation solutions, across a broad range of industries – the announcement of a new funding mechanism is timely,” said Mr Zapantis.

“Our recent Global Status Report highlights the momentum surrounding CCS. Over the last year, we’ve seen the number of facilities operating or in development around the world almost double. CCS is very real and happening now.”

“CCS applications are diversifying, with deployment emerging across hydrogen, steel, chemicals and fertilisers, and cement. More than that, negative emissions technologies including direct air capture will be critical in removing CO2 already in the atmosphere.”

“The costs for deployment have fallen over the past decade and will continue to fall. Criticisms of CCS as failure or too expensive are outdated, out-of-touch and endanger real emissions reductions opportunities.”

“While we welcome the potential funding for CCS and other abatement solutions, net-zero and necessary private sector investment will be underpinned by durable policy with clear short- and medium-term targets.”

“CCS is necessary, alongside all other abatement options, to drive emissions at lowest cost and risk. If you take anything off the table, it gets harder. CCS also enables a just transition for communities that currently rely upon emissions-intense industries for employment, as we accelerate towards net-zero emissions.”

 

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Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

Media Advisory | COP 26 (Blue Zone) | Rapid Scale up of Carbon Capture and Storage Technology Needed to Reach International Climate Targets
Media Advisory | COP 26 (Blue Zone) | Rapid Scale up of Carbon Capture and Storage Technology Needed to Reach International Climate Targets

9th November 2021

Media Advisory

9 November 2021 – In a recent climate report released by international think tank the Global CCS Institute, carbon capture and storage (CCS) projects globally has increased by almost one third in the last year alone. Despite this, a rapid scale up of CCS is still needed, particularly if 2050 climate targets are to be met. To reach net-zero by mid-century, CCS will be responsible for mitigating 15% of the world’s emissions.

Live at COP 26, join the Global CCS Institute as it hosts discussions with the IPCC, IEA Greenhouse Gas R&D Programme, Bellona Europa and Carbon Capture an Storage Association on the role carbon capture and storage will play in the ongoing green transition.

What: COP 26 Side Event | Reaching Climate Neutrality: Carbon Capture and Storage in the Green Transition

Where: COP 26 Conference (Blue Zone) -  IETA Business Hub Pavilion, Zone D, Hall 5

When: 9 November, 2021 | 10:30 GMT

Who: Speakers will include:

  • Professor Jim Skea – IPCC Co-Chair of Working Group III
  • Tim Dixon – Director and General Manager, IEA Greenhouse Gas R&D Programme
  • Ruth Herbert – CEO, Carbon Capture and Storage Association (CCSA)
  • Jonas Helseth – Director, Bellona Europa
  • Guloren Turan – General Manager of Advocacy and Communications, Global CCS Institute (moderator)

Please be advised that seating in this event space is limited. If you’re interested in attending, we recommend you reach out to our media contact and request reserved seating.

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Media Contact: Ruth Gebremedhin: +44 7950 278 261 ruth.gebremedhin@globalccsinstitute.com

About the Global CCS Institute:  The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

Global CCS Institute Welcomes Australian Net Zero Commitment 
Global CCS Institute Welcomes Australian Net Zero Commitment 

26th October 2021

The Global CCS Institute has welcomed the announcement of a net-zero 2050 commitment from the Australian Federal Government. The announcement includes a plan to reach the target, defining a role for carbon capture and storage (CCS) in delivering emissions reductions. 

The Institute’s CEO, Jarad Daniels, said the commitment and plan to achieve net-zero emissions realigns Australia with global climate ambition and opens the opportunity for the nation to be a clean energy leader. 

“A commitment to achieve net-zero emissions by 2050 is encouraging from one of the world’s biggest energy exporters. Aligning with the global economy on climate establishes an important framework for reducing emissions and investing in clean energy and climate mitigation,” said Mr Daniels. 

“CCS will play a vital role in our global response to climate change – the technology suite is commercially available and is well placed to decarbonise a broad range of sectors, supporting existing jobs and creating new ones.” 

“The Government’s plan has reaffirmed that regional Australia stands to gain substantially from the energy transition through the development of new industries like hydrogen and the decarbonisation of existing industries such as natural gas, cement, chemicals and steel through CCS.” 

The Institute’s General Manager – Commercial, Alex Zapantis, commended the commitment, saying interim targets before 2050 would provide further policy confidence for investors. 

“Identifying a role for CCS in achieving net-zero, following recent funding announcements and the inclusion of CCS under the Emissions Reduction Fund, is timely and very welcome. In reducing emissions, CCS will play a role alongside renewables, energy efficiency measures, nature-based solutions and other clean energy and climate mitigation solutions. 

“Investment in CCS and other climate mitigation and clean energy technologies, including necessary supporting infrastructure, will be delivered in the critical timeframe to 2050 as a result of policy confidence guided by clear short- and medium-term targets. A clearer plan for decarbonisation with interim targets will be useful and necessary,” said Zapantis. 

”We look forward to Australia’s engagement in COP 26 in Glasgow.” 

The Institute recently released the Global Status of CCS report, highlighting substantial global growth across the sector in 2021. 

 

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Matt Steyn Senior Advocacy and Communications Adviser (Asia Pacific): +61 (0)405 018 007 matt.steyn@globalccsinstitue.com  

 

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com. 

Carbon Capture and Storage Gathers Momentum in Response to Rising Climate Ambition
Carbon Capture and Storage Gathers Momentum in Response to Rising Climate Ambition

12th October 2021

A new climate report released by the Global CCS Institute has highlighted the continuing growth of carbon capture and storage (CCS) worldwide. In 2021, the total capacity of the CCS project-pipeline increased for the fourth year in a row, by almost one third over the previous year. CCS is recognised by experts as an essential element of achieving the world's climate change goals.

CEO of the Global CCS Institute, Jarad Daniels, said the dramatic increase in projects in development reinforces the critical role of CCS in reaching global climate goals within the short timeframe required.

"CCS is absolutely critical to achieving net zero emissions and we anticipate growth in the sector to continue as climate ambition is increasingly matched with action," said Mr. Daniels.

"Although much more is required, commitment to climate action is progressing steadily and we're seeing growing interest and support for CCS. As we accelerate toward net zero emissions by mid-century and establish clearer interim targets, CCS will be integral to the decarbonisation of energy, industrial sectors such as cement, fertilisers, and chemicals, and will open new opportunities in areas including clean hydrogen and carbon dioxide removal."

The flagship Global Status of CCS report provides a global snapshot of CCS progress around the world. The 2021 report shows:

  • Of the 135 commercial CCS facilities in the project pipeline, 27 are fully operating, 4 are under construction, and 102 are under development.
  • 71 new CCS facilities were added to the project pipeline in 2021.
  • As of September, the CO2 capture capacity of all CCS facilities under development has grown from 75 million tonnes per annum (Mtpa) to 111 Mtpa – a 48 per cent increase over 2020.
  • North America continues to be the global front runner in CCS deployment, with over 40 new CCS projects announced in 2021. This can largely be attributed to CCS tax credits, stronger climate commitments – including the US re-joining the Paris Agreement – and anticipated rise in demand for low-carbon energy products.
  • CCS projects are becoming increasingly diverse, with facilities in development in a broad range of sectors including power generation, liquefied natural gas (LNG), cement, steel, waste-to-energy, direct air capture and storage and hydrogen production.
  • Several new countries now have commercial CCS facilities under development, including BelgiumDenmarkHungaryIndonesiaItalyMalaysia, and Sweden.
  • CCS networks – in which multiple emissions sources share transport and storage infrastructure – are increasingly becoming the dominant operating model, incorporating ever-larger volumes of CO2.

"The momentum we have seen over the last year towards CCS is considerable, however more is required if we are to reach climate goals", said Guloren Turan, General Manager of Advocacy and Communication at the Global CCS Institute.

"The International Energy Agency's Sustainable Development Scenario foresees 15% of emissions reductions to come from CCS, requiring a one-hundred-fold increase in the capacity of operational facilities by 2050.  While the acceleration of CCS adoption is promising, more urgency in the deployment of the technology is needed to reach 2050 climate goals.", added Turan.

The release of the Global Status of CCS report comes ahead of COP 26, where government leaders and observer organisations – including the Global CCS Institute – gather to assess progress on climate commitments and encourage greater ambition and action.

Released annually, the Status Report is published by the Global CCS Institute, an international think tank working to accelerate the deployment of CCS, a vital technology to tackle climate change. The full 2021 report can be found here.

 

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com.

 

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Ruth Gebremedhin (UK and European Region): +44 7950 278 261 ruth.gebremedhin@globalccsinstitute.com

Matt Bright (North America): +1 614 354 5587 matt.bright@globalccsinstitute.com

Matt Steyn (Asia Pacific): +61 (0)405 018 007 matt.steyn@globalccsinstitue.com

media@globalccsinstitute.com

Institute Unveils Global CCS Database
Institute Unveils Global CCS Database

6th October 2021

MELBOURNE – The Global CCS Institute has today released an updated database which now tracks carbon capture and storage (CCS) networks as well as projects, storage and regulations around the world. First released in 2018, the CO2RE database provides reliable data, intelligence and information on CCS and its vital role in achieving global climate targets.

General Manager – Commercial, Alex Zapantis, said the CO2RE database was proving increasingly useful to a broad group of professionals as CCS deployment continues to accelerate.

“In line with increasing climate ambition from countries and companies, the CCS project pipeline is experiencing unprecedented year-on-year growth. New projects and networks have been announced almost weekly in 2021,” said Mr Zapantis.

CO2RE’s CCS Readiness Index tracks a country’s requirement for CCS, its policy, law, regulation and storage resources development, identifying nations which are leading the creation of enabling environments for commercial CCS deployment.

“We’re seeing significant positive movement in the CCS readiness scores, particularly across Europe, which is largely due to a higher carbon price, ambitious emission targets and numerous supportive policy developments,” Mr Zapantis noted.

“The policy landscape for climate and CCS is changing quickly, making CO2RE’s accessible information and analysis valuable for project developer, government and investor decision-making.”

Principal Consultant for CCS Technology, Dr David Kearns, highlighted the ongoing development and beta release of CCS networks functionality within CO2RE, available exclusively to Institute members.

“CCS networks are leveraging economies of scale and significantly reducing project costs, removing barriers to entry for small-scale emitters. Networks may be pivotal to deep decarbonisation across a broad array of emitting industries including cement, chemicals and oil refineries amongst others. Networks like those emerging in the US and Europe will also be key to unlocking low-cost hydrogen production, driving job creation and economic growth, particularly in regional areas,” Dr Kearns said.

While aspects of the CO2RE database are provided exclusively to members, some information is publicly available. To access the database visit co2re.co

 

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Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute:  The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

Institute Welcomes Inclusion of CCS Under the Australian Emissions Reduction Fund
Institute Welcomes Inclusion of CCS Under the Australian Emissions Reduction Fund

1st October 2021

1 October 2021, – The Global CCS Institute has welcomed the inclusion of carbon capture and storage (CCS) under the Emissions Reduction Fund (ERF), announced today by the Australian Government. Inclusion under the ERF will provide a financial incentive for carbon captured and stored, an important factor in creating an enabling investment environment.

The Institute’s General Manager – Commercial, Alex Zapantis, said inclusion in the ERF was an important step in recognising the relevance of CCS amongst other low emssions technologies and delivering its full abatement opportunities and social and economic value.

“CCS is pivotal to our global response to climate change, is commercially available today and is well placed to strengthen our economy and support jobs. We need all climate mitigation solutions, across a broad range of industries - inclusion under the ERF is significant and timely.”

“A key barrier to investment in CCS has been the lack of a price signal placing a value on CO2. As global climate ambition continues to be backed by action, this is one of several necessary mechanisms which will drive private sector investment.”

“CCS will be critical to decarbonisation across a range of sectors, including oil and gas, cement, steel, fertilisers and chemicals and will play an important role in Australia’s growth as a global hydrogen exporter. Put simply, CCS can help industries transform as we head toward net zero, sustaining local economies and creating jobs in new sectors.”

Mr Zapantis said that inclusion under the ERF was an important step in setting long-term policy, creating an enabling investment environment and deploying CCS at scale to deliver climate benefits.

“As we will highlight in our upcoming Global Status of CCS Report, the technology is experiencing enormous growth around the world. In other jurisdictions, like the United States, financial incentives have supported the rapid and at-scale deployment of CCS. Inclusion under the ERF reaffirms that Australia is positioned to be a leader in CCS and climate more broadly.”

The Australian Government has recently committed $250 million to developing CCS hubs and $275 million for hydrogen. The Clean Energy Regulator is seeking consultation on including other carbon capture technologies under the ERF, including utilisation and direct air capture, both of which feature prominently in net zero projections from the IPCC and the International Energy Agency.

 

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Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute:  The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

Institute Welcomes Australian Government Funding for CCS Hubs, Stresses Need for Policy Confidence
Institute Welcomes Australian Government Funding for CCS Hubs, Stresses Need for Policy Confidence

30th September 2021

The Global CCS Institute welcomes the Australian Government’s announcement today of $250 million in funding for carbon capture and storage (CCS) hubs, while emphasising the need for long-term climate policy.

The Australian Government has committed $250 million to the CCUS Hubs and Technologies Program. The program will operate across two streams, providing $100 million for the design of hubs, and $150 million for the research and commercialisation of CCUS technologies and the identification of carbon storage sites.

Minister for Energy and Emissions Reduction, Angus Taylor, highlighted that the program may create up to 1,500 jobs and would play an important role in climate mitigation.

The Institute’s General Manager – Commercial, Alex Zapantis, said the announcement further reinforced the crucial role CCS would play in reaching net-zero emissions by mid-century.

“CCS is a proven technology suite with 27 operational facilities and many more in development. The IPCC and many other credible organisations highlight a critical role for CCS into the future, particularly in decarbonising hard-to-abate industrial sectors including chemicals, fertilisers, steel and cement,” said Mr Zapantis.

“Projects are becoming increasingly diverse and CCS hubs will be integral to transforming emissions-intense industries, protecting local economies and creating new jobs. The Global CCS industry must grow by one hundred-fold by 2050 to achieve the targets of the Paris Agreement, creating up to a 100,000 construction jobs and ongoing jobs for 30 – 40,000 people globally.”

“Funding is significant and will play a role in driving investment. CCS and other climate mitigation and clean energy technologies require ongoing policy confidence to enable long-term, sustainable investment. A set of lasting policies aligned with clear, medium-term targets is essential to achieving net-zero.”

The announcement comes ahead of COP 26 in Glasgow.

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Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

 

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

Japan-Asia CCUS Forum to bring together regional carbon capture, utilization and storage leaders
Japan-Asia CCUS Forum to bring together regional carbon capture, utilization and storage leaders

21st September 2021

Tokyo, Japan – Energy, technology and climate experts from around the world will take part in the Japan-Asia CCUS Forum on October 20 to discuss the progress and outlook for deployment of the vital technology suite across Asia.

Hosted by the Global CCS Institute and Japan CCS Co. Ltd., the Japan-Asia CCUS Forum 2021 will act as a platform to share knowledge, further develop regional expertise and strengthen the network of CCUS professionals across Asia.

The Global CCS Institute’s General Manager for Advocacy and Communication, Guloren Turan, said that the forum was an important action in delivering regional collaboration where it’s most important.

“Carbon capture and storage technologies are recognised as increasingly vital as we move beyond commitments and take practicable steps toward our climate targets. Multiple independent and credible bodies have concluded that to achieve global climate change ambition in the time frame required, CCS/CCUS is essential,” Ms. Turan said.

“Asia is home to some of the fastest growing economies and greenhouse gas emissions inventories and CCS/CCUS will be particularly important in managing the challenge of continuing economic development and emissions reductions. CCS is versatile and can deliver deep emissions reductions across power generation, hard-to-abate industrial sectors such as steel, cement and fertilisers, and will be key to low-carbon hydrogen production.”

“As a regional energy leader, Japan is well placed to facilitate regional knowledge sharing and capacity building and the Institute is pleased to be part of this effort.”

This year's Forum will cover the Japanese Government's CCS/CCUS policy, initiatives in Asia, and key R&D results from project developers. Speakers from leading European projects will share their achievements and advice, and speakers from the Asia-Pacific region will discuss the challenges, policies and regulations, and deployment strategies in the regions where the projects are being developed.

Delegates of the forum will hear from JCCS Co. Ltd regarding research and development outcomes and future plans for shipping and transportation, as well as from several other distinguished Japanese organisations. Speakers representing advanced projects in Europe will share learnings and advice, while speakers from around the Asia Pacific region will discuss localised challenges, policy and regulation where projects are being developed, and strategies for deployment.

The forum will be co-hosted by Japan’s New Energy and Industrial Technology Development Organization (NEDO) with support from the Ministry of Economy, Trade and Industry (METI).

More information on the Forum, including an Agenda and Registration Link, can be found here.

 

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Contact:  Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

 

About the Global CCS Institute:  The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. Working with and on behalf of our Members, we drive the adoption of CCS as quickly and cost effectively as possible by sharing expertise, building capacity and providing advice and support so that this this vital technology can play its part in reducing greenhouse gas emissions. For more information, visit globalccsinstitute.com

Global CCS Institute Appoints New Chief Executive
Global CCS Institute Appoints New Chief Executive

8th July 2021

8 July 2021, MELBOURNE – The Board of the Global Carbon Capture and Storage Institute today announced the appointment of Mr Jarad Daniels as the Institute’s new Chief Executive Officer.

Jarad will join the Institute on October 4th, 2021.

Jarad has had a distinguished career with the US Department of Energy, most recently as Director, Office of Strategic Planning, Analysis and Engagement. During his time with the DoE, Jarad has become an expert on CCUS, climate change and clean energy technologies. He has worked with many countries, multilateral organisations, NGO’s and companies on technology development and deployment and government policy.

Jarad will be based in the Institute’s Washington DC office. As an Australian company, Melbourne will remain the Institute’s registered head office.

Commenting on the appointment, Mr Philip Bainbridge, Chairman of the Board of Directors, said:

“I am delighted to welcome Jarad as the new CEO of the Institute.  He is passionate and knowledgeable about climate change and the role CCS can play in achieving net zero emissions across all sectors. Jarad brings the knowledge, personal style and relationships to lead the growth of the Institute into the future.”

“I would also like to thank Brad Page for his 10 years of outstanding service to the Institute and his support in managing an orderly CEO transition.”

Commenting on his appointment, Mr Jarad Daniels said:

“It is an honour to be given the opportunity to lead the Institute. The role of Carbon Capture and Storage in achieving net zero emissions by 2050 is increasingly accepted and more governments and companies are developing projects. This needs to continue to accelerate to meet the world’s climate challenge.”

“The Institute has a global reputation as a trusted partner and adviser, a centre of knowledge, an advocate and a facilitator bringing people together.”

“I look forward to working with all our Members and helping the Institute achieve its mission to accelerate the deployment of CCS globally.”

 

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Guloren Turan (London): +44 782 505 7765 guloren.turan@globalccsinstitute.com

About the Global CCS Institute: The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

New Report: Climate Goals Impossible Without Largescale Private Sector Investment in CCS
New Report: Climate Goals Impossible Without Largescale Private Sector Investment in CCS

28th June 2021

28 June, 2021 – A new report from the Global CCS Institute – an international think tank focused on carbon capture and storage (CCS) technology – says significant financial commitments are needed from the private sector to address the climate impacts of energy-intensive sectors.

The paper, Unlocking Private Finance to Support CCS Investments, arrives ahead of COP26 at which parties have been asked to concentrate efforts toward ‘getting finance flowing for climate action’ amongst several other priorities.

CEO of the Global CCS Institute, Brad Page, highlighted the report’s focus on the urgency of investment to achieve deep decarbonisation. “What happens in the next decade will be crucial in enabling CCS to reach necessary scale in time to limit the impacts of global warming”, said Mr Page.

“The necessary investment far exceeds what governments are willing to provide, particularly within a short timeframe. Governments have a key role to play in creating an enabling environment for very large-scale private sector capital allocation through climate policies which place a value on CO2 emissions reductions”.

The International Energy Agency’s Sustainable Development Scenario finds that 15% of all emissions abatement needs to come from CCS. This translates to an almost 100-fold increase in CCS capacity by 2050. The report estimates the total capital requirements for this ramp-up in CCS over the next three decades will range from US$655 – 1,280 billion depending on the falling costs and learning rate for the technology suite.

Mr Page observed that, “Investing around one trillion dollars over almost 30 years is well within the capacity of the private sector which invested almost two trillion dollars in the energy sector in 2018 alone. Government decisions hold the key to enabling the requisite private sector capital being allocated for CCS deployment.”

Report author, Dominic Rassool, Senior Consultant - Policy and Finance, emphasised the role of mechanisms like project finance and green bonds in fulfilling the capital requirement.

“Most existing CCS facilities have been funded primarily on the books of large corporations or state-owned enterprises. The magnitude of investment required, and the fact that many companies are constrained by their balance sheets means this model will not support rapid growth in CCS capacity", Mr Rassool said.

“There are trillions of dollars available in the private sector for investing in CCS but allocating it requires policy incentives which facilitate viable business models for CCS”.

The report recommends that project finance – a model which allows for non-recourse debt as well as for multiple equity investors to participate in a project – is used to greatly accelerate investment in CCS capacity. Another recommendation from the report suggests that green bonds be applied to CCS projects in hard-to-abate sectors like cement, fertilisers and chemicals.

Noting the higher risk associated with deploying CCS in developing countries, where emissions are growing most rapidly, the report highlights the primacy of climate finance in enabling deep emissions mitigation. UNFCCC funds like the Green Climate Fund (GCF) could play a key role by leveraging private capital into CCS investments that each deliver multi-million tonne per year emissions abatement.

The report is now available here.

 

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Media Inquiries:

Matt Steyn (Melbourne): +61 405 018 007 matt.steyn@globalccsinstitute.com

About the Global CCS Institute:  The Global CCS Institute is an international think tank whose mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology to tackle climate change and provide energy security. For more information, visit www.globalccsinstitute.com

Global CCS Institute Membership Reaches 100
Global CCS Institute Membership Reaches 100

26th May 2021

The Global CCS Institute is pleased to announce that its membership now includes 100 organisations. This significant milestone caps off 24 months of robust growth in which membership has increased a remarkable 69% from 59 to 100.

Members represent a diverse array of industries, governments, small businesses and researchinstitutions, who all recognize that carbon capture and storage (CCS) is an essential climate change solution, and who support the Institute’s mission: “to accelerate the deployment of CCS.”  A full listing of the Institute’s membership can be found here.

Global CCS Institute CEO Brad Page said: “The recent growth in our membership reflects the expanding commitments of governments and businesses around the world to deep decarbonisation, and the recognition that we can’t achieve our climate change goals without large-scale deployment of CCS.  Despite all of the challenges of the last 18 months, our members have demonstrated their unflagging support for climate action, for CCS, and for the work of the Institute.”

Jeff Erikson, General Manager for Client Engagement at the Institute, added: “We are grateful for the enormous contribution our members have made to the development of carbon capture and storage.  These 100 entities – governments, businesses, technology and service providers, research institutions– are the ones that are making it happen.  They are creating an industry that will advance the transition to a low-carbon economy.”

The Global CCS Institute is the world’s leading CCS think tank with a team of almost 40 professionals in offices in 7 countries around the world. The Institute works with and on behalf of its members to drive the adoption of CCS as quickly and cost effectively as possible in order to reduce greenhouse gas emissions. For more information on the work of the Institute and its members visit www.globalccsinstitute.comFor information on how to become a member, contact Jeff Erikson (Washington): +1 202 895 2785  jeff.erikson@globalccsinstitute.com

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Media Inquiries:

Guloren Turan (London): +44 782 505 7765 guloren.turan@globalccsinstitute.com

Matt Bright (Washington, DC): +1 614 354 5587 matt.bright@globalccsinstitute.com

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