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US Enacts Landmark CO2 Storage Policy
12th February 2018 - Washington DC
Early Friday morning, the US Congress approved the most significant pro-carbon capture and storage (CCS) national policy in a decade, a tax credit for CO2 storage, known as 45Q for its section number in the US tax code. The new law is widely expected to stimulate the development of new CCS projects.
The policy change culminates a six-year effort broadly supported by stakeholders in the US and members of both political parties. Institute members Great Plains Institute and the Clean Air Task Force led an advocacy coalition with strong support from Occidental Petroleum, ClearPath and Cloud Peak Energy.
Global CCS Institute CEO, Brad Page, said project developers strongly believe the 45Q program dramatically improves the future CCS financing picture.
“We believe the intersection of better economics with the exciting technology advancements that the US Department of Energy has supported and developed will accelerate the critical deployment of CCS in North America.”
”Financial instruments have always been an essential part of getting any new clean technology deployed and this is the kind of incentive that is needed.”
While government incentives and subsidies dating back to 1992 have pushed a rapid rise in US wind and solar energy, US national support for CCS came later and with more limited application.
A CO2 storage tax credit beginning at $US10 per metric tonne was enacted only in 2009 and capped at 75 million metric tons. With that limit effectively now reached, project development in North America has stalled as developers and stakeholders awaited action by the US to reconsider policy.
The new law both extends and expands upon the original.
Firstly, it includes no cap on storage available for the credit, providing more certainty for projects that may take years to plan and develop.
Secondly, over time the law increases values for geological storage to US$50 per ton and for utilization such as enhanced oil recovery to US$35 per ton.
Thirdly, it lowers the eligibility threshold from 500,000 to 100,000 tonnes of CO2 stored on an annual basis. The higher level in the existing law has prevented smaller industrial projects from using the credit.
Mr Page said the Institute believes the new 45Q law can be a win on all counts.
“This is potentially a boon for business, for global CCS deployment, for energy security, and certainly for the climate. Its sponsors in the US Congress are to be commended for their tireless work as are stakeholders and our Institute members.”
For more information, please contact:
Antonios Papaspiropoulos (Melbourne): +61 401 944 478 antonios.papaspiropoulos@globalccsinstitute.com
Lucy Temple-Smith (Melbourne): +61 466 982 068 lucy.temple-smith@globalccsinstitute.com
Annya Schneider (Brussels): +32 25503972 annya.schneider@globalccsinstitute.com
About the Global CCS Institute: Our 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 vital technology can play its part in reducing greenhouse gas emissions. Our diverse international membership consists of governments, global corporations, small companies, research bodies and nongovernment organisations, committed to CCS as an integral part of a low-carbon future. We are headquartered in Melbourne, Australia with regional offices in Washington DC, Brussels, Beijing and Tokyo. For more information, visit www.globalccsinstitute.com
World climate change authority welcomes new European Parliament law
7th February 2018
Brussels, Belgium: The World authority on carbon capture and storage (CCS), the Global CCS Institute, has welcomed the European Parliament’s voting into law, measures to reduce CO2 emissions across Europe, including the establishment of a multi-billion-euro fund supporting CCS innovation and other low-carbon projects.
Global CCS Institute CEO, Brad Page, says the measures herald a great leap forward for climate action and carbon capture and storage (CCS) deployment.
“The new law begins delivery of EU pledges under the Paris Agreement and encourages low-carbon investment which is critical to Paris climate change targets being reached.”
“Climate change needs to recognise all clean technologies if targets are to be met and the establishment of the Innovation Fund will provide financial support for renewable energy, carbon capture and storage and other low-carbon innovation projects.”
More information can be found on the European Parliament website.
New UK climate change appointment to accelerate carbon capture deployment
30th January 2018 - London
The Global CCS Institute is delighted to announce the appointment of its CEO, Brad Page, to the newly formed UK CCUS Council and congratulates the UK Government on its recognition of the need to support Carbon Capture Utilisation and Storage (CCUS) to meet Paris Climate Change targets.
The Council, which met for the first time in London yesterday (Monday, 29 January), is a clear demonstration of the UK Government’s commitment to a new CCUS approach as outlined in the recently released Clean Growth Strategy (the Strategy).
Led by Minister of State for Energy and Clean Growth, the Rt Hon Claire Perry MP, the Council will work with a select group of industry representatives to review the progress and priorities of the Strategy in relation to CCUS. Through the CCUS Council, the UK Government will also monitor costs and deployment potential with the option of revising the CCUS deployment path to meet changing political and policy approaches.
Mr Page said he was honoured to be invited to join the Council, and he believed the Institute, as the world authority on carbon capture and storage (CCS), was well placed to use its large member influence and internal expertise to make this clean technology a central driver in reducing global CO2 emissions.
“I congratulate Minister Perry and the UK Government for their ambitious support for CCUS. It is a proven, versatile, and commercially robust climate mitigation technology which is starting to gain notoriety as the only technology capable of decarbonizing industry. At the same time, it is a catalyst for a new energy economy including hydrogen, bio-energy and CO2 re-use applications.”
“CCUS represents a new energy direction which can deliver jobs, energy security and new economies the likes of which have never been seen before. Commitment, investment and multi-party collaboration are crucial to creating this fundamental step-change.”
“I look forward to working with Minister Perry, other UK Government representatives and industry leaders on the key strategic issues that will bring CCUS to the forefront of the climate change debate.”
The Clean Growth Strategy sets out a plan for how the UK can meet legally binding targets to reduce carbon emissions by 57 per cent from 1990 levels by 2032. It identifies CCUS as a vital area of strategic importance, highlighting its potential to support decarbonisation and maximise opportunities across the whole UK economy.
Carbon capture and storage (CCS) and CCUS is now commercially successful across 17 large-scale global facilities with a raft of other facilities in development.
Ends
Antonios Papaspiropoulos: +61 401 944 478 antonios.papaspiropoulos@globalccsinstitute.com
Lucy Temple-Smith: +61 466 982 068 lucy.temple-smith@globalccsinstitute.com
Annya Schneider: +32 25503972 annya.schneider@globalccsinstitute.com
About the Global CCS Institute: Our 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 vital technology can play its part in reducing greenhouse gas emissions. Our diverse international membership consists of governments, global corporations, small companies, research bodies and nongovernment organisations, committed to CCS as an integral part of a low-carbon future. We are headquartered in Melbourne, Australia with regional offices in Washington DC, Brussels, Beijing and Tokyo. For more information, visit www.globalccsinstitute.com