Media Releases

London, UK – The Global CCS Institute, a think tank backed by governments, industry, research and financial institutions, released 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 technologies 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 paper highlights the imperative need to conceptualise the full potential and multifaceted value of CCS and reveals that it can benefit whole communities, industries, countries and regions.

The analysis of the report finds that as part of a portfolio of climate mitigation solutions, CCS is a cost-effective and versatile option able to significantly reduce CO₂ emissions in several hard-to-abate industrial sectors such as cement, chemicals, and steel, as well as provide low-carbon, dispatchable power. It will also be crucial to decarbonize hydrogen production currently the source of some 700 mtpa of CO₂ emissions (equivalent to combined total emissions of the UK and Indonesia), as well as delivering negative emissions. The deployment of CCS today also lowers the overall cost of the energy transition as well as the risk of falling short on global climate targets, increasing resilience of climate strategies by diversifying technology options.

The report also examines CCS’ role as a driver of economic growth and employment. Addressing social aspects and supporting a just transition, CCS can alleviate the geographic and timing mismatches of the transition. For example, jobs in emissions-intensive industries such as cement, iron and steel are high-quality and high-paid, and often local communities rely on them. CCS application will support the preservation of these jobs.

Furthermore, CCS will support the creation of an industry workforce and supply chain fit for a net-zero economy while also creating and maintaining both direct and indirect employment. In fact, to reach energy-related sustainable development goals and the Paris Agreement, more than 2000 facilities will be needed by mid-century, requiring at least 100,000 employees.

The technologies’ deployment can also create value to society by creating new net-zero industries and innovation spillovers potentially catalysing innovation-led economic growth in other industries. The opportunities to re-use infrastructure for CO₂ storage and transportation in harmony with the large-scale deployment of CCS could also result in significant synergies including ease of permitting and cost reductions as well as deferring decommissioning costs, freeing up overall resources for the energy transition.

Globally, there are now 19 large-scale CCS facilities capturing an estimated 40 million tonnes of CO₂ every year. An additional 32 facilities are at various stages of planning and development.

Full report can be downloaded here.

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Lucy Temple-Smith (Melbourne): +61 466 982 068 lucy.temple-smith@globalccsinstitute.com

Lee Beck (Washington DC): +1 202 677 9053 lee.beck@globalccsinstitute.com

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

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London, UK  – His Royal Highness The Prince of Wales and Global CCS Institute CEO Brad Page convened experts and senior leaders from finance, energy, and technology sectors as well as from academia to discuss how to accelerate the deployment of carbon capture, and storage (CCS) technologies.

The meeting was convened as part of The Prince of Wales’s Sustainable Markets Initiative. At the event, participants discussed what concrete steps need to be taken in order to scale up the deployment of CCS by at least 100-fold by mid-century in order to meet global climate ambitions.

“It is an honour for the Institute to convene this important discussion with The Prince of Wales, a leading advocate for climate change. We are grateful for his leadership on addressing climate change and raising awareness for the role of CCS in climate mitigation”, said Brad Page, CEO of the Global CCS Institute, an international think tank supported by governments and businesses.

“There are now 19 large-scale CCS facilities in the world capturing about 40 million tonnes of CO₂ every year. A further 32 facilities are in planning with the facilities pipeline growing continuously. While this momentum is positive, it is far from where we need to be, and we need governments and the private sector to accelerate the deployment. After all, the technology is proven, ample storage is available, costs are coming down, and CCS is key to delivering a globally equitable and just transition,” said Mr. Page.

Participants agreed that a value on carbon reflecting the externalities of carbon emissions is vital. Further supportive policies could consist of both incentives such as tax credits and regulation, for example through producer obligations. Hubs and clusters, generally seen as the next wave of CCS facilities and which achieve economies of scale through infrastructure and storage sharing of multiple facilities, have emerged as a preferred business model globally.

A pressing question for CCS remains how to mobilise affordable financing for CCS facilities. A key message emerging from the roundtable discussion was that the finance sector is ready with ample funding available for CCS projects that have a robust business case.

“We are seeing new participants enter the CCS market as well as increased interest from technology companies. This really is a game-changer as they can not only bring down cost, but they are also working on exciting and innovative new applications”, said Brad Page.

The high-level gathering comes following HRH The Prince of Wales’s keynote at the World Economic Forum in Davos where he spoke about the Sustainable Markets Initiative and offered 10 practical actions to drive a new economic model that puts people and planet first. The Global CCS Institute is looking forward to further supporting HRH The Prince of Wales’s Sustainable Markets Initiative as it relates to CCS innovation and deployment.

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London – 11 March 2020 – The Chancellor of the Exchequer Rishi Sunak presented today the UK 2020 Budget to the UK Parliament. The Global CCS Institute welcomes the new funding commitment announced for carbon capture and storage (CCS) project deployment and infrastructure.

The budget sees the establishment of a new CCS Infrastructure Fund of at least £800 million aiming to support the development of at least two UK CCS sites. The first CCS site to be build up by the mid-2020s and the second one to follow by 2030.

The UK Government also announced that it plans to support at least one CCS gas power station by 2030 with the help of consumer subsidies.

In June 2019, the UK enshrined in law its ambition to reach net-zero carbon emissions by 2050. The country will also host COP26 later this year. The UK Government sees CCS as a key climate mitigation technology, supporting its efforts to decarbonise both industry and power generation as well providing the option to deliver negative emissions at scale.

During his speech at the House of Commons today, the Chancellor of the Exchequer said that once up and running the planned CCS clusters supported by the new fund could create up to 6000 high-skilled, high-waged low-carbon jobs in areas such as Teesside, Humberside, Merseyside and St-Fergus in Scotland.

Welcoming the new funding announcement and CCS ambition of the 2020 UK Budget, Guloren Turan, General-Manager for Advocacy and Communications said: “This new funding signals that the UK Government recognises the importance of CCS in decarbonising industry, achieving its ambitious climate targets and creating clean growth opportunities for its economy. This funding will support efforts to accelerate CCS deployment to decarbonise major industrial hubs and clusters across the UK.  The UK Government has shown ambition and commitment while putting forward positive policy developments to deploy CCS at scale during the 2020s and 2030s. This can be seen notably in BEIS’ work and efforts around the development of new business models for CCS in the UK. The Government has a unique opportunity to become a global leader in this field. This year’s COP26 will also be an opportunity to highlight its CCS efforts.”

There are currently six large-scale CCS projects at different stages of development and one BECCS project in the UK. These include Acorn CCS, Caledonia Clean Energy, Clean Gas project, HyNet North West, H21 North of England, Net Zero Teesside, and BECCS pilot plant at Drax Power Station.

More about the UK 2020 Budget here.

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The Global CCS Institute welcomes the new European Industrial Strategy released by the European Commission. The strategy highlights the important role of industry, with emphasis on energy-intensive sectors, in delivering Europe’s ambition of becoming a climate-neutral continent by 2050 at the latest.  The Communication puts forward the Commission’s vision for the future of Europe’s industry and what it must achieve by 2030. It is a starting point laying out the foundations for how Europe and its industries will deliver clean technologies, low-carbon energy vectors, innovation and climate neutral products.

In this proposed new growth strategy for Europe, carbon capture and storage (CCS) has an essential role to play in supporting Europe’s climate ambition and the transformation of key European industries and sectors. In its Communication, the Commission emphasises that the transformation and modernisation of energy-intensive industries “must be a top priority”, given the importance of these sectors for Europe’s economy.

In Europe, CCS can support efforts to deliver deep emission reductions in energy-intensive industries such as cement, chemicals and steel. It also has the ability to lower the carbon footprint of key industrial products.

Following the release of the new Industrial Strategy, Guloren Turan, General-Manager for Advocacy at the Global CCS Institute said:

“The Commission’s new strategy is an important starting point as industries prepare to undergo significant transformation to ensure their transition to climate neutrality. CCS can be an important accelerator and enhancer of deep decarbonisation efforts.  The set of technologies is versatile and has the unique ability to provide significant emission reductions in important European industries including cement and steel. CCS is also an important enabler of clean hydrogen production and should be considered in light of the new proposed European Clean Hydrogen Alliance. The strategy lays important foundations for future industry endeavours. Enabling actions, roadmaps and other levers must now be put in place to accelerate the transition and transformation of industry as well as the deployment of CCS and CO₂ infrastructure. We are at a crucial time and to ensure that the solutions, technologies and infrastructure we need will be available, we must put forward the right incentives and policies in place.”

In addition to its two operating large-scale CCS projects, Europe hosts a number of industrial CCS projects that are currently at different stages of development. These projects have the potential to decarbonise cement production, waste-to-energy and hydrogen production.  The development of smart common CO₂ transport and storage infrastructure will also be an important element to support industries efforts to decarbonise.

Read the Institute’s recent paper on the European Green Deal here.

Washington, DC – March 5 2020 – The Global CCS Institute, a think tank, has this week released CCS: Targeting Climate Change, a brief for policymakers globally. CCS: Targeting Climate Change summarizes the key findings of the Institute's latest Global Status of CCS Report  which documents a range of important milestones for CCS, its status across the world, and the key opportunities and benefits the technology presents.  

Global CCS Institute CEO Brad Page emphasized: “Policy is key to unlocking investment in CCS and achieving the necessary 100-fold scale-up of CCS to meet net-zero emissions climate goals. As such, this new brief is a concise resource for policymakers globally to further understand the vital role of CCS when formulating policies to target climate change”. 

CCS: Targeting Climate Change outlines the benefits of CCS, the urgent need for deployment to scale up and practical ways to support CCS deployment through supportive policy frameworks. It also provides an overview of the role of CCS technologies in the net-zero emissions transition, as well as key progress on CCS and climate action globally.  

There are now 51 large-scale CCS facilities in operation or under development globally in a variety of industries and sectors. These include 19 facilities in operation, four under construction, and 28 in various stages of development. Of all the facilities in operation, 17 are in the industrial sector, and two are power projects.   

The United States is currently leading the way in CCS development and deployment with 24 large-scale facilities, followed by 12 facilities both in Europe and the Asia Pacific region, and three in the Middle East. 

The brief can be downloaded at globalccsinstitute.com     

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The Global CCS Institute welcomes Europe’s first-ever Climate Law proposal published today by the European Commission to enshrine the EU climate neutrality objective by 2050 at the latest in EU legislation.  The Institute applauds Europe’s climate ambition and the vision put forward by the European Green Deal.

The EU 2050 climate-neutrality objective can only be achieved by reducing and avoiding emissions at existing sources as well as enhancing emission removal. Therefore, a wide portfolio of climate mitigation solutions and technologies, including carbon capture and storage (CCS), will be needed to deliver on this ambition.

CCS technologies and projects will have an important role to play to deliver large-scale carbon removal and address emissions in the most challenging sectors and at large-scale industrial sources. This set of technologies will be essential to deliver the clean energy transition for key industrial sectors and delivering net-zero and in the future negative emissions. It will also be a crucial technology to ensure a just transition for communities and industry.

Speaking about the announcement, Guloren Turan, General-Manager for Advocacy at the Global CCS Institute said:

“The EU’s proposed climate law is an important step forward in EU’s climate policy. CCS has an important role as an emissions reduction and carbon removal technology. The technology can help drive Europe towards its climate neutrality target. With the proposed target, incentivising emission removal becomes increasingly important. Therefore, there is a need to establish strong policies and measures at the European level to advance both natural and technological carbon removal.”

There are currently two large-scale CCS projects operating in Europe and an additional four in various stages of development. The next wave of European CCS projects touches a number of key industries of strategic importance for Europe’s economy and aim to use shared CO₂ transport and storage infrastructure. The development of this infrastructure will be key to decarbonise a multitude of industrial sectors as well as bring the technology costs down.

The Commission’s proposed law defines the trajectory for greenhouse emission gas reductions at the European level with a review every five years.  The Climate Law will be presented to Environment Ministers tomorrow.

More about European Climate Law

Read the Institute’s recent paper on the European Green Deal

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Washington, DC, USA – Climate and clean energy experts convened in Washington, DC for the ninth annual Forum on carbon capture and storage (CCS) hosted by the Global CCS Institute, a think tank backed by governments and businesses. The United States leads the world’s deployment of large-scale CCS facilities and has enacted the most progressive CCS-specific incentive globally with the 45Q tax credits. Now, the focus is on getting steel in the ground, furthering innovation, and building on this pioneering policy to deliver a comprehensive large-scale deployment framework.  

“The United States has seen significant growth in CCS facilities in planning due to positive policy developments on the state and federal level. Now we need to focus on realizing projects and furthering innovation”, said Brad Page, CEO of the Global CCS Institute. 

The Global CCS Institute identifies and tracks large-scale CCS projects around the world. In late 2019, it added eight US facilities to its CO2RE CCS database. These facilities could boost carbon captured by an additional 20 million tonnes of CO2, according to the think tank’s analysis.  

“Despite a positive outlook in the US, still more must be done. Particularly from a global perspective, US leadership in CCS can bolster global efforts to reduce emissions as well as lead to cost reductions that will make it easier for other countries to access the technology. With a 100-fold scale-up necessary globally, the learnings from the US facilities will be crucial to accelerating the global deployment of CCS”, said Brad Page. 

“The IPCC has identified crucial roles for CCS in both reducing emissions and in carbon dioxide removal. Government, business, and the scientific community should work together to scale up deployment this coming decade to bring costs down and spur additional innovation“, said Andrew Steer, CEO, World Resources Institute during his keynote remarks. 

At the forum, experts discussed three key areas to advance CCS deployment in North America including creating diverse support for the technologies and increased climate ambition, enabling access to geologic storage hubs and improving financing conditions. Innovators also presented new technologies aiming to innovate solutions across the carbon capture, utilization, and storage value chain.  

“Shell views carbon capture and storage (CCS) as a critical technology for society to meet the goals of the Paris Agreement. We are involved with a number of CCS projects, one of which being our large-scale Canadian CCS venture known as Quest, which has captured more than 4 million tonnes of CO2 since 2015.  We believe collaboration with both public and private stakeholders has played, and will continue to play, a significant role in the success of CCS,” said keynote speaker Jason Klein, VP US Energy Transition Strategy, Shell.  

Safe, secure geologic storage hubs which provide multiple industrial and energy-intensive facilities access to CO₂ transport infrastructure are a key characteristic of the next wave of CCS facilities. Geologic storage hubs offer risk reductions and economies of scale, making it attractive for further participants to enter CCS projects. In fact, the Global CCS Institute added six facilities connected to CarbonSAFE, a DOE initiative aimed at developing storage sites able to store more than 50 million tonnes per annum of CO2.  

Financing conditions have also been a key barrier to CCS deployment in the past. Perceived and actual risk by banks made it difficult for facilities to secure affordable financing. However, in the US, interest from financial institutions is ramping up. Banks are becoming increasingly open to financing well-designed projects while policy levers, such as 45Q and the California Low Carbon Fuel Standard, have drawn financiers into the sector.  

At the Forum, participants also heard from a variety of technology, CO2 utilization, and direct air capture companies working to revolutionize the space. “With the pressing need for further innovation both on the technical side and with regards to business models, it is welcome that we are seeing more actors entering the space as climate ambition speeds up”, said Mr. Page.  

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Melbourne, Australia - The Global CCS Institute, an international think tank backed by governments, industry, financial institutions and academia, announced today the appointment of a new Chair of the Board.

Mr Philip Bainbridge, non-executive Chairman of the Papua New Guinea Sustainable Development Program and non-executive Director of Beach Energy, has been elected to succeed Mr Claude Mandil following his retirement as Chair of both the Board of Directors and the Board Selection Panel. Mr Bainbridge’s appointment is effective from 1st March 2020.

Mr Bainbridge previously served as Chairman of Sino Gas and Energy Holdings Ltd. He spent 23 years at BP Group in various senior management and leadership roles including petroleum engineering, development and commercial positions. From 2006 he worked at Oil Search initially as the Chief Operating Officer and then as the Executive General Manager LNG.

Mr Bainbridge was initially appointed as a Director of the Institute’s Board in February 2019.  Speaking on his recent appointment as Chairman, Mr Bainbridge said: “I believe that carbon capture and storage is a fundamental component in reducing emissions to mitigate climate change. The Institute has a strong global reputation as a centre of excellence and advocacy. I am honoured to be a part of the Institute and thank Claude Mandil and the Board for this opportunity.”

Brad Page, CEO of the Global CCS Institute said: “I would like to thank Mr Mandil for his significant contribution to the Institute during his tenure as Chairman of the Board. We are delighted to welcome Mr Bainbridge during this time of growth for the Institute. His experience and expertise will be a major benefit to the work of the Board and the Institute.”

In addition to the new Chair of the Board, Mr Bainbridge, the Institute’s Board of Directors includes:

• David Hone, Group Climate Change Adviser, Shell International (United Kingdom);
• Sumie Nakayama, Senior Advisor, Climate Change, J-POWER (Japan);
• Eric Redman, Thunderbolt Clean Energy CEO (United States of America);
• Cynthia Wang, Client Advisor, Bridgewater Associates (China);
• Dr Fiona Wild, Vice President, Sustainability and Climate Change, BHP (Australia).

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Over the past six months, the Global CCS Institute has welcomed 12 new members from the industrial, financial and energy sectors signaling strong renewed momentum for carbon capture and storage (CCS) globally. These organisations join a global network of leading corporations, energy and infrastructure companies, governments and research institutes united by a shared vision to accelerate the deployment of CCS, a vital technology to tackle climate change and deliver climate neutrality.

The continued growth of the Institute’s membership reflects the growing interest in CCS around the world in a wide number of industries and sectors. New members joining the Institute include:

Europe

• BP, a global energy company with operations in Europe, North and South America, Australasia, Asia and Africa;
• C-Capture, UK-based clean energy company and designer of chemical processes for carbon dioxide removal;
• HeidelbergCement, one of the world's largest building materials companies;
• HSBC, one of the world’s largest banking and financial services institutions;
• Motor Oil Hellas, a petroleum refining and trading company based in Greece;

North America

• Cemvita Factory, a US-based company and developer of a CO₂ utilisation platform;
• IPA Global, a leading capital projects advisory firm;
• Wolf Midstream, a Canadian energy infrastructure company that has built and will operate the CO₂ pipeline for the Alberta Carbon Trunk Line project;

Asia

• China Petroleum Engineering Co., Ltd., a company based in Beijing specialising in engineering for the energy, manufacturing, and construction industries;
• CNPC Research Institute of Safety and Environment Technology (RISE), the research institute of the China National Petroleum Corporation;
• Dalmia Cement (Bharat) Ltd, a global cement manufacturer;

Australia

• Woodside Energy, Australia’s largest natural gas producer and a pioneer of LNG in Australia.

The addition of these organisations further diversifies the Institute’s membership across geographies and industries.  The Institute now has 68 Members located across five continents.

In line with the progress of CCS deployment around the world, this wave of new members is a testament that a variety of stakeholders are recognising the important role of CCS in climate mitigation efforts. The Institute believes that together they have a powerful role to play in supporting the deployment of CCS by building and mobilising expertise, finance and knowledge.

Global CCS Institute CEO Brad Page said: “The Institute is thrilled to welcome its newest members, each leaders in their respective fields and industries. Over the past year, the pipeline of large-scale CCS facilities is continuing to grow due to sustained government support and more ambitious climate plans to address emissions in energy-intensive and hard-to-abate sectors. As environmental, social and governance considerations gain momentum and become an integral part of investment decision-making, CCS will also play an important role as companies and institutional investors assess and take steps to address climate-related risks and explore new opportunities to avoid physical and transition risks.”

This new wave of members brings HSBC, the first global commercial bank to join the Institute. The organisation is actively looking at the role of CCS in decarbonisation strategies across the energy and industrial sectors, in order to be at the forefront of financing the transition to a low-carbon economy. The Institute has also welcomed two cement manufacturers to its network, an industry looking at deploying CCS to cut carbon emissions in cement production.

The Institute believes that this growing membership brings the opportunity for increased global collaboration and growing knowledge-sharing opportunities which will help further CCS deployment around the world. The Institute works on behalf of its Members to build knowledge, shift the narrative and enable investment.

More information on the Institute’s work and membership here.  See a full list of the Institute's membership here.

The Global CCS Institute welcomes the release of the European Green Deal which puts forward ambitious policies underpinning a comprehensive vision for a climate neutral Europe by 2050. This plan underlines the major transformation required by industry in the next five years and the need to scale up climate ambition across various sectors including energy and finance.

The Commission’s ambitious plan also underlines the important role of carbon capture, utilisation and storage (CCUS) as a breakthrough technology that will help deliver a green and sustainable EU industry. The plan rightly emphasizes the need to develop smart infrastructure for CCS, a key element in the deployment of the technology. In Europe, several CCS projects will be using shared infrastructure for CO₂ transportation and storage. This common infrastructure will help drive down unit costs across the CCS value chain. Some of the industrial regions planning for CCS cluster development include Port of Rotterdam in the Netherlands, Port of Antwerp in Belgium, Teesside and Humber in the UK.

Welcoming the release of Green Deal, Guloren Turan,  the Institute’s General-Manager, Advocacy and Communications said: “With the release of this first communication on the European Green Deal, it is clear that a portfolio of measures, technologies and innovations will be needed to achieve climate neutrality by 2050 in Europe.  CCS can play an important role to support and scale-up CO₂ mitigation efforts in energy-intensive industries across Europe and accelerate the production of low-carbon hydrogen to decarbonise key sectors such as heating and transport.  The technology also has the potential to deliver negative emissions. There are several promising European CCS projects under development that will use common CO₂ infrastructure, one that could be used by a multiple emitters across Europe. The inclusion of CCS in the European Green Deal is another positive sign, we look forward to working with relevant stakeholders and the Commission to put in place the right supportive environment for the deployment of CCS in Europe.”

There are currently two operating large-scale CCS facilities in Europe, both in Norway. There are an additional 10 large-scale facilities in different stages of development, six in the UK, two in the Netherlands, one in Norway and one in Ireland. When operational, these facilities will capture a total of 20.8 million tonnes of CO₂ per year.

Madrid, Spain - Carbon Capture and Storage (CCS) has seen growing momentum and increased ambition in 2019. This vital suite of climate change technologies is expected to play a fundamental part in achieving the transition to a net-zero economy and help decarbonize energy-intensive industries globally.

A major report launched by the Global CCS Institute, a think tank, at the UN climate change conference COP25 finds that the deployment of CCS has continued to gather pace, with the pipeline of CCS projects continuing to grow the second year in a row, up 37 per cent since 2017.

Global CCS Institute CEO Brad Page emphasized at the launch of the Global Status of CCS 2019 Report: Targeting Climate Change: “This has been one of the worst years on record for climate. The clock is ticking, the world must act. Global emissions continue to rise, and climate impacts are expected to increase and have very dangerous implications. Bold climate action is needed to keep global warming to 1.5°C. CCS needs to be part of the climate solutions toolbox to tackle this challenge head on”.

There are now 51 large-scale CCS facilities in operation or under development globally in a variety of industries and sectors. These include 19 facilities in operation, four under construction, and 28 in various stages of development. Of all the facilities in operation, 17 are in the industrial sector, and two are power projects.

The United States is currently leading the way in CCS development and deployment with 24 large-scale facilities, followed by 12 facilities both in Europe and the Asia Pacific region, and three in the Middle East.

“Despite this increased momentum and progress in CCS deployment, the number of facilities needs to increase 100-fold by 2040, and scaling efforts are just not happening fast enough”, warns Mr. Page. “Now is the time to rally for greater policy support and for capital to be allocated to build on the positive CCS progress of the past two years”, Mr. Page adds.

Speaking at the report launch at COP25 in Madrid, Dr Julio Friedmann, Senior Research Scholar at the Center for Global Energy Policy at Columbia University, said: “The urgency of climate change and the harsh arithmetic of emissions demand CCUS deployment without delay. Policies that provide clean and durable alignment with markets and support continued innovation, especially expansion into new applications like heavy industry, hydrogen, and CO₂ removal, will make or break our future.”

The report shines light on the next wave of CCS projects globally, while also highlighting  the flexibility, applicability and increasingly positive economics of applying CCS to a range of emission sources. The next wave of projects is expected to focus on large-scale abatement, through development of hubs and clusters.  These capture CO₂ from multiple industrial installations and use shared infrastructure for the subsequent CO₂ transportation and storage to drive down costs.

Commenting on the report, Grantham Institute Chair, Lord Nicholas Stern, said: “We need to change the way we think about climate change as a global challenge, and start to regard it as an opportunity for innovation and growth. Against this backdrop, CCS becomes an ever more vital part of the process for reaching net-zero emissions”.

At the same time, hydrogen is also receiving policy attention not seen for decades around the globe. CCS, as a means to produce clean hydrogen on a large-scale, has gained momentum as part of this renewed interest in hydrogen as a clean energy vector of the future.

“Perhaps the most compelling development in the last 12 months though is that increasingly, CCS is a stand- out technology to genuinely deliver a just transition for many fossil fuel-based communities,” said Mr. Page.

The report features commentary and contributions from a wide range of leaders and influencers who draw on their expertise from across climate change, energy, academia, polar exploration, finance and CCS in voicing their support for the technology.

The report can be downloaded here.

Quotes from the Global Status of CCS: 2019 – Targeting Climate Change:

Brad Page, CEO, Global CCS Institute: "Few clean energy technologies are on track to be deployed at the scale required to meet the Paris climate targets. CCS is resurgent but still lagging while emissions have again risen in the past year. Now is the time to rally for greater policy support and for capital to be allocated to build on the positive CCS progress of the past two years.”

Lord Nicholas Stern, Chairman, Grantham Research Institute on Climate Change and the Environment: “The diversity of its applications is immense; from direct air capture delivering negative emissions, to the ability to prevent infrastructure emissions lock-ins by abating existing infrastructure in the industrial and power sectors, capturing, using and storing carbon will be a vital instrument in reaching net-zero emissions goals.”

Jade Hameister, Australian Polar Explorer and Climate Activist: “My polar expeditions confirmed for me that global warming is an undeniable truth. That is why I call on the political and business leaders to stop arguing and start taking massive action. It’s not about choosing the best technology – it’s about supporting ALL viable technologies and ideas, including carbon capture and storage – that together create a web that seeks to hold global temperature rise to under two degrees Celsius (if that is even still possible).”

Sally Benson, Co-Director, Precourt Institute for Energy; Director, Global Climate & Energy Project; Professor, Energy Resources Engineering Department; Senior Fellow, Precourt Institute for Energy: "As I write this, one hundred kilometers north, 77,000 acres are burning, casting a haze of smoke across the state (…).  Over the last 20 years, the role of carbon capture and storage has evolved from “nice to have,” to “necessary,” and now, CCUS is inevitable. We need Gigaton scale CCUS now.”

Zoë Knight, Managing Director & Group Head, HSBC Centre of Sustainable Finance: “While the flow of funding towards new low-carbon technologies is increasing, it is not happening at the pace that is needed. As with renewables when they were in early stages of deployment, targeted public sector signals of support for the industry would help accelerate the market for CCS.”

Deepika Nagabhushan, Program Director, Decarbonized Fossil Energy, Clean Air Task Force: “CCUS will not only play an important role in fulfilling above commitments, but also help meeting even bolder goals that will include decarbonizing industrial emissions and leveraging zero-carbon fuels. This creates implications on federal and state governments to enact additional CCUS enabling policies.”

Iida Yuji, Director General, Ministry of Economy, Trade and Industry, Japan: “As a technology that is capable of reducing substantial CO₂ emissions, it is important not only for Japan but also for the entire world to put CCS into practical use and realize its commercialisation.”

Newton B Jones, International President, International Brotherhood of Boilermakers: “CCUS is the global answer to climate change. It is the only solution that can truly mitigate climate change and provide reliable energy production through a realistic mix of renewables and natural resources—all while preserving and creating jobs, economic growth and social stability.”

Note to journalists:

Annya Schneider (can be contacted on-site at COP25): +32 493 47 12 22  annya.schneider@globalccsinstitute.com

Lee Beck (Washington DC): +1 202-677-9053 lee.beck@globalccsinstitute.com

Lucy Temple-Smith (Melbourne): +61 466 982 068  lucy.temple-smith@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. Working with and on behalf of our Members, we drive the adoption of CCS as quickly and cost effectively as possible; sharing expertise, building capacity and providing advice and support so CCS can play its part in reducing greenhouse gas emissions.

19 November 2019, London, UK – Financial sector stakeholders, private sector representatives, government authorities, and climate experts gathered in London to discuss how to mobilize finance for carbon capture and storage (CCS) to deliver on climate ambition and meet the Paris Agreement commitments.

At the conference hosted by the Global CCS Institute, an international think tank working to accelerate the deployment of CCS, participants acknowledged that the financial sector can unlock and facilitate capital flows supporting the scale-up of CCS, including through providing sustainable finance and investments.

“Global investment in energy was around USD1.8 trillion in 2018, with limited investment in commercial scale CCS facilities. Perceived and actual risk are currently undermining and limiting capital flows into CCS deployment. Addressing market risk through government policy action will be key to bring more large-scale CCS projects in operation. In addition, highlighting the environmental, social and governance (ESG) features of CCS reinforces its crucial role in decarbonisation efforts, and helps unlock investment”, said Brad Page, CEO of the Global CCS Institute.

Global markets and the broad financial sector have a powerful role to play in driving the transition to a net-zero economy and supporting clean growth opportunities. With the development of new sustainable investment products, as well as provision of traditional project finance, the sector can provide the key to unlocking the capital flows needed to support the scaling up of CCS.

Speaking at the event, Zoë Knight, Managing Director and Group Head of the HSBC Centre of Sustainable Finance said: “CCS is an important and proven technology that is needed to support the energy transition and our efforts to significantly cut emissions from hard-to-abate sectors. Significant investments are necessary to accelerate the deployment of this technology. For this, it is crucial to generate interest from the financial community and present the opportunities behind investment in low-carbon technologies such as CCS. Government can also play a role in creating enabling policy frameworks to secure investment.”

There are currently 19 large-scale CCS facilities in operation around the world. The financing of this essential and versatile climate technology requires large-scale and affordable capital investments. According to a recent Institute report, the policies currently in place are insufficient to accelerate the deployment of CCS to the scale and at the rate required to meet global climate objectives. To deliver a net-zero transition, it is urgent to make CCS attractive to investors and financial institutions and enable the bankability of CCS projects.

With extensive experience in CCS and having helped to deliver the large-scale Quest CCS project in Canada, Syrie Crouch, VP of CCS at Shell said: “It is crucial to bring the financial community into the discussion on the deployment of CCS as we need to ensure that projects are both investable and insurable. Projects like Quest take years to deliver and are only possible with close collaboration with government authorities and other key stakeholders. There is a need for regulation, legislation and incentives to make progress on CCS and get it moving into commercial scale.”

In order to support decarbonisation efforts and accelerate the green transition, carbon capture and storage (CCS) among other climate mitigation measures and technologies will be needed to address emissions from energy-intensive industries. There are 51 CCS facilities globally – 19 in operation, four under construction, and 28 in various stages of development with an estimated combined capture capacity of 96 million tonnes of CO₂ per annum.

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Annya Schneider (Brussels): +32 255 03972 annya.schneider@globalccsinstitute.com

Lee Beck (Washington DC): +1 202 677 9053 lee.beck@globalccsinstitute.com

Lucy Temple-Smith (Melbourne): +61 466 982 068 lucy.temple-smith@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

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