CO2 Capture and Storage (CCS) technology must be urgently deployed as a critical technology for combating climate change, according to Dr. R.K. Pachauri, the chairman of the Nobel Peace prize-winning Intergovernmental Panel on Climate Change (IPCC).
Speaking at the December 13 event hosted by the Zero Emission Emissions Platform (ZEP) during the climate change negotiations in Copenhagen, Dr. Pachauri spoke of the "extremely attractive potential" of CCS before adding that "the sooner we mount a concerted effort [on CCS], the better it will be for the future of global society so that potential can be realised."
Dr. Pachauri cited four key facts in his speech :
1. Unless drastic action is taken to reduce CO2 emissions, average global temperature is likely to rise by more than 2ºC -- with devastating consequences for the climate (IPCC)
2. Fossil fuels will continue to dominate the energy mix for decades to come (International Energy Agency (IEA))
3. CCS has the potential to cut CO2 emissions by up to 55% by the end of the century (IPCC)
4. CCS requires global investment of over $2.5 trillion - $3 trillion from 2010 to 2050 (IEA) -- a major effort which he said "was beyond the financial capacity of industry to handle."
While all carbon mitigation technologies require effective incentives, Dr. Pachauri said "this applies to CCS more than any other technology [so that it can] be developed to a level where it is commercially viable." This means establishing not only regulatory systems, but "fiscal incentives and significant streams of money."
This echoes the recommendations of ZEP Chairman, Dr. Graeme Sweeney, who said that urgent short- and long-term incentives must be implemented in order to kick-start wide-scale deployment. This includes:
* The recognition of CCS by market mechanisms
* Large-scale international public financing of demonstration projects to stimulate CCS in both developed and developing countries
* The positive recognition of CCS within the agreements and mechanisms established as part of a final climate change treaty