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The new flagship Global CCS Institute thought leadership report analyzes the major benefits of the large-scale investment and deployment of CCS and discusses the existing evidence related to the value of CCS under two overarching themes.
CCS as an essential technology to economically meet long-term climate targets and for risk mitigation through:
- Achieving deep decarbonisation in hard-to-abate industry;
- Enabling the production of clean hydrogen at scale;
- Providing low-carbon dispatchable power;
- Delivering negative emissions.
CCS is a driver of economic growth and employment by:
- Creating and sustaining jobs;
- Supporting economic growth through new net-zero industries and innovation spillovers;
- Facilitating a just transition by alleviating geographic and timing mismatches;
- Enabling infrastructure reuse and deferral of decommissioning costs.
This report was authored by the Institute's Senior Consultant - Economics Alex Townsend and Research Analyst Nabeela Raji, as well as the Institute's General Manager - Commercial, Alex Zapantis. You can tweet about the report using #ValueCCS.
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The technology components of carbon capture and storage (CCS) are already proven and in use across a variety of industries and applications.
In some instances, individual industrial facilities can capture millions of tonnes of carbon dioxide (CO2) each year. However, many industrial plants operate at much smaller scales, and as a result have lower overall emissions. While the combined level of emissions from a number of such smaller scale facilities can be significant, it may be uneconomic for any individual facility to consider application of the full CCS chain which includes capture, compression, transport and permanent storage of CO2.
One solution to this problem is clustering, in which several industrial facilities share CCS infrastructure and knowledge, and thus reduce their costs compared with each facility attempting to individually reduce emissions. This report provides an overview of the idea of clustering as applied to industrial CCS projects, and examines the conditions needed for its more widespread adoption.