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Global CCS Institute – COP 28 Side Events

15th December 2023

Between the 30th November and the 12th of December 2023, the Institute attended COP 28 as an Observer organization and hosted several side events.

The available recordings, along with details of Institute's side events, can be found below.

COP 28 Side Events Organised by the Global CCS Institute:

Tackling the Climate Challenge through CCS Technology in Europe

Date & Time: 30 November 2023, 15:30-16:30
Location: EIB & Benelux Pavilion - Blue Zone, Zone B6, Building 74, Dubai, UAE

CCS is becoming more prominent EU-wide as 2030 climate targets approach and new targets for 2040 are developed to chart the next step in the path to the 2050 commitment of carbon neutrality. The European Commission is supporting the acceleration of CCS deployment with legislative and regulatory actions under the Fit for 55 Package, the Green Deal Industrial Plan and Sustainable Carbon Cycles. EU-wide policies such as:

• The EU CCS Directive
• The EU ETS
• The proposed target to develop geological storage with a capacity to store 50 million tonnes of CO₂ per year as of 2030 as outlined in the pending NZIA
• Funding support distributed as part of the EU Innovation Fund

Several European countries are leading the way. Notably, Norway – a CCS first mover – is developing CO₂ storage to support climate efforts domestically, and across Europe. The Netherlands has been using a dedicated subsidy scheme SD++  to support CCS. Belgium is the first European country to sign bilateral agreements for cross-border transport of CO₂ as it lacks suitable storage sites but needs CCS to achieve its climate goals.

This session discussed the progress made in Europe as it relates to CCS deployment.

This event highlighted the policy instruments that are driving CCS success in Europe. CCS developments in Europe set examples for other countries considering CCS in their transition plans.

Speakers:

• Ane Gjengedal, Government of Norway, Ministry of Petroleum and Energy
• Elena Bonfiglioli, European Roundtable on Climate Change and Sustainable Transition
• Claude Loréa, Global Cement and Concrete Association
• Ellina Levina (moderator), Global CCS Institute

Financing Opportunities for CCS Climate Technology

Date & Time: 6 December 2023, 12:00-12:45
Location: IETA Pavilion - Blue Zone, Zone B6, Building 84, Dubai, UAE

Creating a business case for CCS will be critical to ensuring the scale-up of the technology and reducing emissions from carbon intensive industries. Promisingly, new financial instruments and tools are being proposed and implemented to support industrial CCS projects. In the EU, grants for low-carbon technologies are leveraged. The EU emissions trading scheme, along with Carbon Contracts for Difference (CCfD) in the UK and the Netherlands, are mechanisms that will continue to drive the CCS scale up for years to come. In North America, tax credits are incentivising the private sector, lowering the costs to decarbonise their operations.

With demand for low-carbon products rising, and ESG taking priority in investment decisions, CCS cannot be discounted as a climate solution for carbon intensive yet needed industries, such as cement, steel, chemicals and others.

This event highlighted the importance of establishing financing mechanisms to drive the accelerated deployment of CCS. It will also showcase the emerging CCS business models.

Speakers:

• Alex Milward, UK Government, Department of Energy Transition and Net Zero
• Maris Densmore, ACR at Winrock International
• Julian Mylchreest, Bank of America
• Vipul Shetty, Howden
• Guloren Turan (moderator), Global CCS Institute

Scaling up CCS in Emerging Economies

Date & Time: 6 December 2023, 12:45-13:30
Location: IETA Pavilion - Blue Zone, Zone B6, Building 84, Dubai, UAE

Momentum around carbon capture and storage as climate solution is taking off globally, including in emerging economies. From granting mechanisms, to knowledge sharing and capacity building emerging economies with booming industrial hubs are turning to CCS technology as a tool to support their climate action goals.

Hosted by the Global CCS Institute, this event featured the lens of CCS policy experts at the forefront.

This event highlighted that CCS, as a climate tool, has the capacity to be deployed globally – including in emerging economies – to render significant emission reductions. It also identified the needs for knowledge sharing and capacity building.

Speakers:

• Nathalia Weber, CCS Brasil
• Professor Jia Ll, the Hong Kong University of Science and Technology
• Sadesh Sookraj, International Finance Corporation
• Paul Zakkour, Carbon Counts
• Ellina Levina (moderator), Global CCS Institute

For an overview of CCS progress at COP 28, listen to the latest episode of the Institute's Podcast, Capture, Store, Repeat here.

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